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Capital allocation to Black female technology entrepreneurs

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Capital allocation to Black female technology entrepreneurs

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Content i
Capital Allocation to Black Female Technology Entrepreneurs
by
Aaron McNally
Rossier School of Education
University of Southern California
A dissertation submitted to the faculty
in partial fulfillment of the requirements for the degree of
Doctor of Education
May 2024

© Copyright Aaron McNally 2024
All Rights Reserved

The Committee for Aaron McNally certifies the approval of this Dissertation
Maria Ott
Anthony Maddox
Monique Datta, Committee Chair
Rossier School of Education
University of Southern California
2024

iv
Abstract
The technology sector holds a pivotal role in facilitating upward societal mobility and the accrual
of wealth within the United States. Nevertheless, notable sociodemographic disparities pose
substantial hindrances to the societal advancement of Black female entrepreneurs within the
technology domain. These disparities are further compounded by constrained access to
economic, social, and cultural capital, which in turn impedes the prospects of success and
expansion for Black female technology entrepreneurs. The primary objective of this research is
to explore the distribution of capital among Black female entrepreneurs operating within the
technology sector and to discern its consequential influence on their capacity to attain upward
mobility in terms of wealth within the United States. This study derives its theoretical framework
from Pierre Bourdieu's capital theory, asserting that diverse forms of capital, encompassing
economic, social, and cultural dimensions, exert considerable sway over an individual's
placement within the stratified fabric of society. Within this context, the research contends that
capital, in its multifaceted manifestations, not only shapes an entrepreneur's trajectory but also
impacts their relative standing in the social hierarchy. To cultivate a more just and equitable
trajectory of wealth progression for Black female technology entrepreneurs within the United
States, concerted efforts are necessitated. Financial institutions, venture capital entities, and
private equity firms must proactively channel augmented funding and resources to bolster and
fortify the entrepreneurial initiatives undertaken by this demographic. The systemic barriers and
imbalances in the allocation of capital must be methodically addressed, thereby engendering an
environment conducive to wealth creation and societal mobility for Black female entrepreneurs
operating within the technology sector.
Keywords: capital allocation, wealth mobility, Black female entrepreneur

v
Dedication
To the incredible tribe of Black women who generously shared their stories of shame, triumph,
and resilience with me for this research endeavor, I extend my sincere gratitude. Your strength,
dedication, and brilliance shine through, and I am truly honored to have had the opportunity to
learn from you. May your voices reverberate through history as the trailblazers who shattered
barriers in the world of technology. The debt of gratitude we owe you for your courage and
unwavering commitment to living fully cannot be overstated.
To the remarkable women, especially Linda Jean Bowman, who have paved the way in
my family, your intelligence, beauty, and relentless drive leave me in awe every single day. You
are seen, valued, and appreciated beyond measure. My love for you all knows no bounds.
Mommy, words fail to convey the depth of gratitude I hold for everything you are and all
you've done. So, simply put, I love you dearly, I appreciate you immensely, and I honor you
wholeheartedly.
To my beloved daughter, you are my muse, my inspiration, and personification of my
heart existing outside of my body. May the barriers broken by your ancestors pave the way for
you to pursue your purpose without limits. As a beautiful, intelligent, STEM-focused Black girl,
I hope this research serves as a source of empowerment, reminding you to persist in the face of
adversity. You are extraordinary, and I love you with my whole heart.
Finally, I offer my deepest worship and praise to God, from whom all blessings flow.
Your grace has carried me through this journey, even in moments of extreme brokenness, to
wholeness.

vi
Acknowledgements
This research study is the culmination of my interactions with numerous Black female
technology entrepreneurs who persist in their endeavors despite facing challenges and being
underequipped.
I am deeply grateful to my Cohort 21 (F21) family and friends for serving as guiding
lights throughout this journey. Dr. Monique Datta, your unwavering commitment to pushing me
to excel every day and redefining the path to greatness has been invaluable. USC is indeed
fortunate to have you. Dr. Anthony Maddox, thank you for encouraging me to think outside the
box, challenge conventional wisdom while I pursue a subject of deep personal significance. Dr.
Maria Ott, your dedication to excellence is evident in your words and your actions and an
inspiration to each soul that is honored to cross paths with you.
Dr. Brandi Mabry, your presence has been a light and inspiration throughout this
program. I am profoundly grateful for our connection. Thank you for the sisterhood, the fun
shade, and always helping us to focus on the future.
There are no conflicts of interest to declare. For correspondence regarding this
dissertation, please contact Aaron McNally at amcnally@usc.edu.

vii
Table of Contents
Abstract.......................................................................................................................................... iv
Dedication....................................................................................................................................... v
Acknowledgements........................................................................................................................ vi
List of Tables ................................................................................................................................. ix
List of Figures................................................................................................................................. x
List of Abbreviations ..................................................................................................................... xi
Capital Allocation to Black Female Tech Entrepreneurs ............................................................... 1
Context and Background of the Problem............................................................................ 2
Purpose of the Project and Research Questions.................................................................. 4
Importance of the Study...................................................................................................... 4
Overview of Theoretical Framework and Methodology .................................................... 5
Review of the Literature ................................................................................................................. 7
Historical Context ............................................................................................................... 8
Black Feminist Theory...................................................................................................... 20
The Murder of George Floyd and its Impact on Capital Allocation................................. 27
Wealth Gap in the United States....................................................................................... 29
Conceptual Framework..................................................................................................... 31
Methodology................................................................................................................................. 38
Research Setting................................................................................................................ 39
The Researcher.................................................................................................................. 40
Data Sources ..................................................................................................................... 41
Method: Interviews........................................................................................................... 41

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Method: Pre-Interview Sociodemographic Survey........................................................... 42
Participants........................................................................................................................ 42
Instrumentation ................................................................................................................. 43
Data Collection Procedures............................................................................................... 44
Data Analysis.................................................................................................................... 44
Credibility and Trustworthiness........................................................................................ 47
Findings ........................................................................................................................................ 47
Summary of Findings........................................................................................................ 68
Recommendations......................................................................................................................... 69
Recommendations for Future Research............................................................................ 78
Limitations and Delimitations........................................................................................... 80
Conclusion ........................................................................................................................ 81
References..................................................................................................................................... 83
Appendix A: Definitions............................................................................................................... 98
Appendix B: Protocols................................................................................................................ 100

ix
List of Tables
Table 1: Data Sources ............................................................................................................... 39
Table 2: Participant Backgrounds............................................................................................. 48
Table B1: Interview Protocol..................................................................................................... 100

x
List of Figures
Figure 1: Conceptual Framework ............................................................................................. 37
Figure 2: Recommendations..................................................................................................... 69

xi
List of Abbreviations
AgriTech Agriculture Technology
BIPOC Black Indigenous People of Color
EdTech Education Technology
FinTech Finance Technology
HealthTech Health Technology
LegalTech Legal Technology
MedTech Medical Technology
RealTech Real Estate Technology

1
Capital Allocation to Black Female Tech Entrepreneurs
The technology sector within the United States persistently exhibits a notable lack of
representation of Black female entrepreneurs. Although Black women constitute the most rapidly
growing cohort of entrepreneurs in the country, their presence within the domain of technology
start-up founders remains disproportionately low, as evidenced by Kniggendorf (2019).
ProjectDiane’s report in 2018 accentuates this point, revealing that while around 6,800 start-ups
secured funding, less than 4%, were led by Black women. This statistical representation
underscores the gradual pace at which thriving Black female entrepreneurs are emerging in the
realm of technology, despite an overall ascending trend in technology entrepreneurship within
the United States.
Qureshi (2021) articulated the pivotal role played by growth within the technology sector
as a key determinant of wealth mobility within the United States. However, the paucity of
thriving Black female entrepreneurs in this sector is precipitated by a multitude of
sociodemographic disparities. These disparities are further exacerbated by a range of accessrelated challenges pertinent to economic, social, and cultural capital. This ensemble of
impediments poses a significant obstacle to the flourishing of technology-based entrepreneurial
endeavors among Black women, as acknowledged by Goldman Sachs (2020).
A notable disparity emerges from the comparison of capital raised by Black female
entrepreneurs against their counterparts in 2017 (ProjectDiane, 2018). Despite witnessing a
twofold increase in the number of Black female entrepreneurs, the median amount of capital
secured by Black women remained substantially lower (ProjectDiane, 2018). The cultivation of
access to economic, social, and cultural capital stands to offer a potential remedy, enabling Black
female entrepreneurs to elevate both the quantity of thriving technology enterprises and the

2
overall wealth mobility of this demographic within the technology domain. This qualitative
research study endeavors to scrutinize the sociodemographic discrepancies that contribute to the
unequal representation of thriving Black female entrepreneurs within the technology sector of the
United States, and the lack of capital they receive in comparison to their counterparts.
Context and Background of the Problem
Examining the lack of capital allocation to Black female technology entrepreneurs is
essential because of the continued progression toward a global economy and the ever-increasing
integration of technology into society as well as the widening wealth gap in the United States.
Following the severe acute respiratory syndrome coronavirus 2 (COVID-19) pandemic, the
global economy braced for a rebound; however, China and the United States were best prepared
to maximize the post-recession rebound (World Bank, 2021) primarily due to technological
advancements (Hu, 1997). Moreover, the United States and China earmarked significant
economic capital allocation to leverage technology to enhance effectiveness and efficiencies
across multiple sectors (Hu, 1997). Yet, comprising 1.7% of the technology workforce, Black
women are visibly absent from the infusion of economic capital driving global economic
stability (Jackson, 2022). Moreover, Goring (2005) stated that historically, Black women have
been the subject of strategic economic ostracization and systemic oppression.
Historically, slavery was the dominant form of economic stability and scalability in the
United States from 1776 to 1865 (Bourne, 2008). The continued production of human capital
was the apex of slavery, and Black women served as the engine of economic empowerment for
the United States (Jackson, 2022). Jones (2009) contended that slavery introduced irreversible
harm and introduced the decimation of the Black female persona (Goring, 2005). During the
Reconstruction Era, from 1861 to 1900, formerly enslaved people struggled to amalgamate into

3
the social network of a predominately White-male society (Jones, 2009). Black women worked
diligently to reconstruct the nuclear family, which had been decimated by slavery but were also
repeatedly overlooked in landmark legislative progressive movements surrounding race and
gender (Collins, 2022). Black women being invisible in the fabric of American society was also
prevalent in the suffrage movement. The federal government granted all citizens of the United
States the right to vote in 1865; however, Black women faced racism and oppression, delaying
their right to vote until 1920 (Amott & Matthaei, 1996). Coupled with the systemic
destabilization, that characterized the Reconstruction Era, and voter suppression, Black women
were the prime victims of systemic oppression in the United States, especially in the labor
market (Jones, 2009).
The 20th century witnessed Black women breaking into the labor market and being
redirected into domestic-focused roles within the labor market and away from technical-focused
roles. Inevitably, this led to low wages, which resulted in economic instability in Black
households and fed into the stereotype of a “welfare queen,” a derogatory term used to describe a
woman who takes advantage of the United States welfare system (White, 1999). Ironically, the
researcher avers that until the 1960s, federal and state laws precluded Black women from
receiving welfare assistance from the United States government; this program was earmarked for
White women who could not successfully join the labor force (White, 1999). Exclusionary state
and federal laws have contributed to the myriad of factors that inhibit the wealth mobility of
Black women in the United States; specifically, 78% of Black mothers with school-aged children
are an active part of the labor force in comparison to 66% of White mothers (Banks, 2019).
Further, systemic oppression and implicit bias, compounded with a lack of access to the

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resources necessary to thrive, contribute to the myriad of sociodemographic factors that
habitually place Black women at a disadvantage (Banks, 2019; Jones, 2009; White, 1999).
Purpose of the Project and Research Questions
This research study examines the sociodemographic disparities contributing to the
inequitable number of Black female entrepreneurs in the technology sector in the United States.
In addition, the study examines the barriers to economic, social, and cultural capital, which play
a significant role in the success of entrepreneurial endeavors and the compounded effect this has
on wealth mobility. The study addresses the following research questions:
1. What are the ways in which a dearth of cultural capital hampers the wealth mobility
of Black female technology entrepreneurs in the United States?
2. In what ways does a deficit of social capital impede the capacity of Black women in
the United States to attain upward wealth mobility?
3. What are the ways in which a scarcity of economic capital hinders the ability of Black
women in the United States to achieve upward wealth mobility?
Importance of the Study
The intersectionality of sociodemographic disparities hindering wealth mobility among
Black female entrepreneurs in the United States within the technology sector remains an
underexplored area in current research. Existing studies often concentrate on the Black diaspora
or women entrepreneurs, failing to adequately address the multifaceted sociodemographic factors
contributing to the inadequate allocation of resources for Black female entrepreneurs,
specifically within the United States technology sector. Prior to the onset of the COVID-19
pandemic, there was a 50% increase in Black female entrepreneurship (U.S. Census Bureau.
2023). However, despite this growth, Black female entrepreneurs received an average funding of

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$36,000, while their White male counterparts secured an average of $1.3 million (ProjectDiane,
2021). Mounting social pressure on organizations to take an increasing equitable stance on a
myriad of injustices following the murder of George Floyd in 2021; banking institutions, private
equity firms, and venture capital firms made commitments to enhance the allocation of capital to
Black Indigenous People of Color (BIPOC) entrepreneurs and businesses following the murder
of George Floyd in 2021, aiming to address the disparities in capital allocation (Jan et al., 2021).
In the first quarter of 2021, $147 billion was invested in venture capital, yet Black
founders, inclusive of men and women, received 1.2% of that amount (Keshner, 2022; Lindsay et
al., 2023). Although banking institutions, private equity firms, and venture capital firms have
pledged to increase funding for BIPOC entrepreneurs and women, a handful of these funding
sources focus on the intersectionality of Black female entrepreneurs (ProjectDiane, 2021). The
lack of strategic focus on Black female entrepreneurs in the technology sector by various capitalallocating institutions creates significant barriers for Black women in accessing economic, social,
and cultural capital necessary for their entrepreneurial endeavors' development, growth, and
scalability.
Overview of Theoretical Framework and Methodology
Ensuring equitable access to economic, social, and cultural capital for Black women in
technology entrepreneurship is paramount for fostering their success. Bourdieu's capital theory
(1985) posits that an individual's position within the "social world" is heavily influenced by
different forms of capital. Building upon Marxist ideas, Bourdieu argues that economic capital
holds the highest value as it can be converted into monetary resources and societal influence. It
encompasses financial assets and resources that can be leveraged to enhance purchasing power
and negotiation abilities, making it the most effective form of capital.

6
Social capital theory asserts that social relationships serve as valuable assets facilitating
the development and accumulation of human capital. For instance, a stable family environment
fosters educational achievement and nurtures the cultivation of highly esteemed skills and
credentials. From an evolutionary perspective, social capital encompasses any aspect of social
connections contributing to reproductive advantages. Savage and Kanazawa (2002, 2004) argue
that humans have evolved general preferences for companionship alongside specific inclinations
towards indicators of heightened social capital. For example, females are expected to value and
derive emotional satisfaction from participation in small social networks characterized by close
personal relationships forged through strong social ties. Such relationships would have been
remarkably adaptive for women by assisting in foraging and childcare. Conversely, males are
anticipated to benefit more from involvement in expansive social networks composed of weaker
ties, encompassing activities such as hunting, political alliances, and combat. Savage and
Kanazawa (2002) reported that males are especially poised to benefit from social capital that
confer resources and social status. Social capital, encompassing non-financial resources available
through interpersonal and institutional connections, underpins economic and upward mobility.
Critical indicators of social capital include family structure, parenting skills and education,
parental resemblance, school-based relationships, community influences, and work-related
networks.
Cultural capital, driven by the pursuit of economic prosperity, plays a vital role in capital
accumulation. It comprises embodied, institutionalized, and objectified capital (Lamont &
Lareau, 1988). Embodied cultural capital pertains to an individual's adoption of cultural norms
and preferences associated with their position in societal hierarchies. Institutionalized capital
refers to the convertible value linked to academic achievements, while objectified capital

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encompasses acquiring goods and cultural artifacts. These various forms of cultural capital
intersect with the concept of habitus, which distinguishes between objectivism and subjectivism
(Lamont & Lareau, 1988). Objectivism adopts a structuralist approach, while subjectivism is
rooted in rational action theory.
Habitus is influenced by an individual's socio-demographic background and its relation to
their position in the cultural hierarchy. Bourdieu argues that each form of capital is directly
connected to an individual's social class and status. When effectively utilized, cultural capital can
contribute to wealth accumulation, a central aspect of habitus (Richardson, 1986). Social capital
encompasses an individual's networks and affiliations with groups, crucial in asserting and
exercising societal influence, both presently and across generations.
The capital theory provides a suitable framework for investigating the issue at hand, as it
comprehensively examines different forms of capital, their accessibility, and allocation to Black
women in technology entrepreneurship in the United States (Lamont & Lareau, 1988). Given the
increasing significance of technology in driving economic progress, it is imperative that Black
women receive capital allocation that supports their entrepreneurial endeavors, ultimately
reshaping wealth mobility in the United States.
Review of the Literature
This literature review aims to establish the theoretical foundation by examining capital
theory and relevant literature pertaining to the identified problem. Capital, encompassing social,
economic, and cultural dimensions, permeates various aspects of society. Access to these diverse
forms of capital influences individuals' interactions with others and impacts their self-efficacy.
The interplay between self-efficacy and Afro-pessimism contributes to the limited success of
technology startups founded by Black women. Additionally, the need for Black female

8
entrepreneurs to establish their distinct identity, separate from both Black men and White
women, is a contemporary concept that neither academic research nor capital allocating
institutions have extensively addressed. The enduring stereotypes and discrimination faced by
Black women throughout the history of the United States continue to have profound effects on
their ability to change the trajectory of wealth mobility in the United States.
Historical Context
The 17th century marked the introduction of slavery in the United States, which played a
crucial role in the nation's economic growth and stability during its struggle for independence in
1776 (History.com, 2009). From the 1600s to 1776, Africans were forcibly enslaved and
transported to the United States, comprising approximately one-third of the population in the
southern region (History.com, 2009). These individuals of African descent were largely confined
to plantations or farms where their owners resided (Schermerhorn, 2018). The process of slave
auctions resulted in the devastating separation of African families, leading to the loss of
language, customs, and traditions as they forcefully assimilated into American society.
African women endured enslavement, sexual violence, and physical abuse as a response
to their resistance against the oppressive rule imposed upon them (Schermerhorn, 2018).
Although enslaved individuals were allowed to form relationships and marry, their unions were
not legally recognized. Slaves were treated as property rather than human beings, and their
families were frequently torn apart through the sale of slaves, specifically their children and
spouses (History.com, 2021). The 19th century witnessed the rise of slave rebellions because of
the immense oppression and harsh physical punishments employed to suppress independent
thinking and the pursuit of freedom (History.com, 2009). Abolitionists played a pivotal role in
the fight against slavery, employing various methods to advocate for freedom.

9
The abolitionist movement gained momentum with the support of White allies who
denounced slavery as a sinful institution and campaigned for the emancipation of enslaved
people, granting them the agency to determine their own futures (History.com, 2021). In the
northern United States, the anti-slavery movement gradually gained strength, leading to the
establishment of means through which enslaved individuals and their White allies could aid in
achieving freedom (History.com, 2021). As the nation's economy expanded, tensions
surrounding slavery intensified, resulting in compromises that delineated between free and
enslaved states (Kansas-Nebraska Act; Missouri Compromise (George, 1915)). In response, the
Confederate States united to preserve laws protecting slavery as the primary economic force
within the United States.
Reconstruction Era
The Reconstruction Era, spanning from 1865 to 1877, marked a pivotal period in the
United States characterized by significant legislative developments. After the secession of
southern states, the preliminary emancipation proclamation was issued in 1862 and officially
enforced in 1863, resulting in the abolition of slavery in the United States following the
conclusion of the Civil War in 1865 (Jones, 2009). The Reconstruction Era held the promise of
land ownership, equity, and inclusion for formerly enslaved individuals, granting them the same
rights as other citizens (Keifer, 2022). However, southern states responded to Reconstruction
legislation by enacting the Black Codes, which aimed to reinstate the profitable slave enterprise
and curtail the rights of newly freed individuals (Keifer, 2022). One particularly damaging aspect
of the Black Codes was the prohibition of loitering, which forced newly freed individuals into
low-paying labor contracts with White landowners to avoid arrest for unemployment (Nittle,

10
2023). Legislative and systemic oppressive actions persisted throughout the era, continuing to
adversely affect Black citizens.
Reconstruction, spanning from 1865 to 1877, was a tumultuous period that aimed to
reintegrate southern states from the Confederacy and integrate four million newly freed
individuals into the United States. Initially, President Andrew Johnson's administration in 1865
and 1866 led to the passage of restrictive "Black Codes" by southern states, aiming to control the
behavior and labor of formerly enslaved individuals and other African Americans (Nittle, 2023).
The implementation of these codes generated outrage in the north United States , eroding support
for the approach known as Presidential Reconstruction and paving the way for the triumph of the
more radical faction within the Republican Party. This shift set the stage for Radical
Reconstruction, which began with the enactment of the Reconstruction Act of 1867
(History.com, 2021). During this phase, newly enfranchised Black individuals gained political
representation for the first time in American history, securing seats in southern state legislatures
and even the U.S. Congress.
However, within a decade, reactionary forces, including the Ku Klux Klan, launched a
violent backlash to reverse the changes brought about by Radical Reconstruction, ultimately
reestablishing White supremacy in the southern United States (History, 2009). At the outset of
the Civil War, President Abraham Lincoln did not prioritize the abolition of slavery, fearing that
it would push loyal border states into the Confederacy and alienate conservative northerners
(Schermerhorn, 2018). Nevertheless, the actions of enslaved individuals, who flocked to Union
lines in large numbers as Union troops advanced through the southern United States, convinced
Lincoln that emancipation had become a political and military necessity.

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In response to Lincoln's Emancipation Proclamation, which freed over three million
enslaved individuals in the Confederate States by January 1, 1863, many Black individuals
enlisted in the Union Army, with their numbers reaching approximately 180,000 by the end of
the war (Schermerhorn, 2018). Emancipation transformed the dynamics of the Civil War,
ensuring that a Union victory would bring about a significant social revolution in the southern
United States (Lynch, 2024); however, military service did little to shift the racially driven divide
which was dominated by notion that Black citizens were subservient to White citizens. In
subsequent years, Lincoln considered various ideas for reintegrating the devastated southern
states into the Union but had not developed a clear plan by the war's conclusion in early 1865.
By late May 1865, President Andrew Johnson unveiled his Reconstruction plans,
reflecting his unwavering Unionist stance and strong belief in states' rights. Under Johnson's
Presidential Reconstruction, all land confiscated by the Union Army and previously distributed
to formerly enslaved individuals by the army or the Freedmen's Bureau (established by Congress
in 1865) was returned to its prewar owners (History, 2009). The lack of land acquisition
significantly hindered the ability for newly freed slaves to establish generational wealth and a
sound foothold on cultural and social capital. Southern state governments, apart from upholding
the abolition of slavery mandated by the 13th Amendment, were given significant autonomy to
rebuild. However, Bourne (2008) asserted Black citizens struggled to acquire the capital
necessary to establish and maintain a stronghold in land ownership and sustainable and scalable
entrepreneurial endeavors and were forced to revert to domestic-focused roles with little
economic growth outlook.
In addition to crippling economic opportunities for Black citizens, Johnson's lenient
approach allowed many southern states to enact a series of "Black Codes" aimed to restrict the

12
activities of freed Black individuals and ensure their availability as a labor force (George, 1915).
George (1915) continued that the oppressive nature of these codes enraged many northern United
States citizens, including numerous members of Congress who refused to seat representatives
and senators elected from the southern United States. The ability to elect Congressional delegates
with a keen understanding of the importance of legislature promoting equity was of paramount
importance.
In early 1866, Congress passed the Freedmen's Bureau and Civil Rights Bills which laid
the foundation for assisting Black citizens with establishing economic capital. The first bill
extended the duration of the bureau, originally established as a temporary organization to aid
refugees and formerly enslaved individuals (Lynch, 2024). The second bill defined all
individuals born in the United States as national citizens entitled to equality under the law.
However, lack of support for racial referendum promoting equality created a greater deficit to
Black citizens looking to reunite their families and begin building generational wealth. The lack
of support for economic progression resulted in the impeachment of President Johnson in 1868
(Lynch, 2024). The Civil Rights Act became the first significant legislation to overcome a
presidential veto and be enacted into law. Moreover, Aiken et al. (2013) cemented that the Civil
Rights Act represented the foundation to progressing towards sound economic reform to allow
Black citizens to begin to recover from the remnants of slavery, yet it was not sufficient to
combat the continued systemic oppression.
Systemic Oppression
Systemic oppression deliberately imposed significant disadvantages on Black people,
serving as a major contributing factor to the sluggish progress of wealth mobility in the United
States. The Black Codes, which criminalized unemployment, imposed additional burdens on

13
newly freed individuals by prohibiting them from seeking higher-paying employment and
enforcing debt peonage (Fleischman, 2014). As a result, many newly freed individuals were
forced to sell their children to repay debts, leading to the further destruction of the nuclear family
(Nittle, 2023). Newly freed Black women faced the devastating impact of the mammy
stereotype, which portrayed them as overweight, maternal figures solely suited for domestic
responsibilities, child-rearing, and devoid of sexuality (Wallace-Sanders, 2008). Moreover, the
mammy stereotype reinforced the notion that Black women were owned by White families,
existing primarily to serve their needs.
While remnants of the mammy stereotype persisted in American marketing until 2021,
the 20th century witnessed the emergence of the Jezebel stereotype, proliferating the narrative of
enslaved and newly freed Black women as sexually promiscuous beings in the United States
(Wallace-Sanders, 2008). The portrayal of Black women as scantily clad and sexually insatiable
persisted within the cultural fabric of the United States, perpetuating an underlying societal bias.
The deconstruction of Black women into the Jezebel stereotype took two main forms: the
portrayal of Black women as pathetic others and as exotic others (Andersen et al., 2018). The
notion of Black women being seen as pathetic by others pertains to the emphasis on their
feminine attributes, which socially deems them physically unattractive, ignorant of cultural
norms, and lacking refinement. This distorted misrepresentation of Black women was
intentionally crafted to conform to societal norms, reinforcing the idea that White men despise
Black women and denying the reality of enslaved African women being raped by their White
enslavers (Gamsakhurdia & Kurdiani, 2021). Similarly, the narrative of a sex-crazed exotic
perpetuated the image of Black women as sexual beings, marketing them on household items
within the continental United States (Gamsakhurdia & Kurdiani, 2021).

14
Furthermore, the stereotype was deeply ingrained in the societal fabric, perpetuating the
underlying assumption that Black women are best suited for domestic-focused roles. The
segregation of Black women into domestic-focused roles was compounded by the strategic
circulation of propaganda portraying Black women as continuously pregnant with multiple
children, further hindering their success in non-domestic positions (Gamsakhurdia & Kurdiani,
2021). Deliberately debilitating the success of Black women ill-equipped Black women to thrive
in roles outside of domestic work, proving detrimental as the United States faced a historic
recession.
The Great Depression
The Great Depression exposed the enduring impacts of racism, sexism, and classism,
which intertwined with the profound marginalization of Black women in the United States. This
period of severe economic crisis left a significant portion of the population in dire straits. In
response to the plight of White single mothers, President Franklin D. Roosevelt introduced the
National Welfare System in 1935 (Carten, 2016; Sustar, 2012). Prior to the implementation of
this system, municipal and state governments had the authority to provide assistance to residents
with challenging socioeconomic backgrounds. However, the criteria and restrictions imposed by
municipalities varied widely, resulting in Black individuals being consistently denied support
(Carten, 2016). Moreover, access to economic relief was directly tied to property taxes in each
municipality, which placed a burden on residents depending on the neighborhood in which they
resided (Sustar, 2012). President Roosevelt's New Deal allowed federal economic resources to
flow down to the municipal level to provide economic assistance (Public Broadcasting Service,
2021). The overarching objective of the New Deal was to offer various benefits to impoverished
citizens, economically disadvantaged single mothers, and their dependents. Roosevelt envisioned

15
that the federal relief program would eventually phase out as families transitioned to statesponsored work-related programs.
Following the implementation of the New Deal, the Social Security Act was passed in
1935, establishing a financial safety net for individuals aged 65 and older (Public Broadcasting
Service, 2021). The comprehensive welfare system required each state to allocate one-third of
the federal funding to children under the age of 16. However, each state had the autonomy to
develop and enforce its own eligibility criteria to access the funds designated for the welfare
program. Southern states used this autonomy to exclude Black citizens, particularly Black
women, from eligibility for the federal relief program (Public Broadcasting Service, 2021;
Trotter, 1996). The researcher asserts that all aspects of the New Deal posed numerous
challenges for Black citizens due to the extensive history of slavery and systemic oppression in
the United States. Specifically, Black women were often employed in domestic roles and
received payment off the books, which automatically disqualified them from federal economic
relief since one condition for receiving such relief was the payment of taxes and employer
contributions (Trotter, 1996). In addition to facing oppression, marginalization, and
discrimination based on their gender and race, Black women's marital status was scrutinized.
Black women were subjected to discriminatory eligibility criteria, including the "man in
the house" rule, which prohibited Black mothers from having a man in their home if they
received state or federal financial relief programs (Murphy, 2020). Consequently, Black women's
homes were regularly raided without notice to search for any male over 18 residing or visiting,
leading to the denial of access to financial relief. Furthermore, Black women receiving financial
relief were subjected to compliance with the "suitable home" and "white glove" criteria (Murphy,
2020). The "suitable home" assessment involved a caseworker inspecting a Black woman's

16
residence to determine if it met the requirements. The "white glove" assessment required a
caseworker to wear white gloves while examining the fireplace and window seals for dirt. If the
glove became dirty, the mother was deemed ineligible for economic relief. However, White
women and their children had greater success in meeting federal and state eligibility criteria,
improving their financial prospects and enabling them to gradually reduce their reliance on
federal and state economic relief programs (Murphy, 2020). While the lives of White women and
Black men experienced an upward trajectory, the intersectional experiences of Black women
remained overlooked as the political and social landscape shifted for Black individuals (Sustar,
2012). As atrocities against Black people began to garner societal support and White allyship, the
U.S. government faced mounting pressure to assist Black individuals in their pursuit of racial
equality.
Civil Rights Act of 1964
During the 1960s, racial equality emerged as a prominent political sentiment in the
United States. In 1963, President John F. Kennedy advocated for the acceptance of equal
treatment for Black citizens, encompassing the right to vote, full integration of the public school
system, access to federal and municipal support programs, and other public facilities and
programs (Brown, 2014). Shortly after President Kennedy's call for equality, he was
assassinated, and his successor, President Lyndon B. Johnson, signed the Civil Rights Act into
law in 1964 (Brown, 2014). Prior to the passage of the Civil Rights Act, Black women played a
pivotal role in the fight for civil rights in the United States.
In 1960, Ruby Bridges made history as the first Black student to integrate into an allWhite public school in Mississippi (Bridges, 2022). Despite the Supreme Court's ruling in Brown
v. Board of Education of Topeka, Kansas, which declared the desegregation of public schools in

17
the United States unconstitutional, the southern states had not fully embraced the desegregation
mandate (Cole, 2010). When the federal government intervened and compelled municipal
governments to comply with the Supreme Court's decision, school districts implemented
entrance exams as a means to prevent Black students from integrating with their White
counterparts by deeming them academically deficient (Cole, 2010). Ruby Bridges and four other
students excelled in these discriminatory exams and were allowed to attend all-White schools
(Bridges, 2022). During Ruby's first academic year, she was escorted by United States marshals
to and from class to protect her from White protesters who went to extreme lengths, such as
parading a Black baby doll in a makeshift coffin in front of Ruby as she entered and exited the
school (Bridges, 2022).
The repercussions of Ruby attending an all-White school extended beyond her immediate
family. Her father lost his job, local markets banned her mother from shopping, and the family
farm owned by Ruby's grandparents was repossessed by the bank (Cole, 2010). These actions
collectively resulted in economic instability for Ruby and her family. Broader, economic
instability remained a pressing issue for Black people in the United States as the racial and
political divisions continued to deepen.
New Federalism & the Welfare Queen
To address systemic inequality, Black families in the United States sought access to
federally-funded programs intended for helping White families narrow the wealth gap. However,
during President Ronald Reagan's administration, a shift known as "New Federalism" was
implemented. This approach aimed to reduce the financial burden of welfare by capping
spending power and transferring the responsibility of providing economic stability to
disadvantaged families to the states (Horowitz, 1983). Concurrently, President Reagan

18
introduced the concept of the "welfare queen" during his presidential campaign (Levin, 2013;
Myles, 2017). As part of his campaign rhetoric, President Reagan shared a story with his
audience: "[She has] used 80 names, 30 addresses, 15 telephone numbers to collect food stamps,
Social Security, veterans benefits for four nonexistent, deceased veteran husbands, as well as
welfare. Her tax-free cash income alone has been running $150,000 a year” (Horowitz, 1983).
The growing discontent surrounding the economic strain on the country's welfare program
aligned with President Reagan's messaging (Horowitz, 1983) and although President Reagan did
not explicitly associate the welfare queen with a specific ethnic group, the consensus among
United States citizens was that the woman referred to was a Black woman.
The controlling images of Black women perpetuated by political prowess further fueled
conscious and unconscious biases associated with Black women and their perceived dependence
on the welfare system (Levin, 2013; Myles, 2017). The "welfare queen" stereotype starkly
contrasted with the reality that statistically, Black women have never constituted the majority of
beneficiaries of federal and state-sponsored aid programs; white citizens have (Levin, 2013;
Myles, 2017). This enduring stereotype, propagated by politicians and media outlets, reinforced
the belief that Black people, particularly Black women, were primarily seeking to exploit the
system. Throughout history, the media has played a significant role in shaping public perceptions
of Black individuals.
COVID-19 Global Pandemic
The coverage of the COVID-19 pandemic and its impact on the Black community,
particularly Black women, has failed to adequately address the long-term socioeconomic
consequences of the global pandemic. Black women have faced unique barriers and challenges
during the pandemic that have not been experienced to the same extent by other ethnic groups.

19
For instance, the unemployment rate for Black women in the first quarter of 2022 was 6.1%,
compared to 4.8% in the first quarter of 2020. As the unemployment rate decreased for women
overall in the second quarter of 2022, it remained high at 5.3% for Black women (Umoh, 2020).
In contrast to their White-male counterparts Black women working in non-exempt roles
experienced more significant reductions in work hours (Mills & Battisto, 2020). These
challenges were compounded by the fact that a significant proportion of Black women are
employed in service-based or domestic-based roles, which are often low-paying and lack benefits
(Tucker & Vogtman, 2022; Umoh, 2020). In fact, 27% of Black women reported not having
essential benefits such as health insurance, retirement plans, sick days, paid family leave, or paid
vacation time, compared to 20% of White men (Tucker & Vogtman, 2022).
The intersectionality of Black women's identity further complicates the fight for ending
disparities. The COVID-19 pandemic severely impacted the economy, resulting in a substantial
loss of jobs, with over half of the jobs lost being held by women. The unemployment rate for
Black women reached a peak of 16.6% in May 2020 and remained in double digits for several
months (Mills & Battisto, 2020). The researcher avers, despite the ongoing economic recovery,
Black women are disproportionately represented in low-paid, undervalued jobs, with a
significant number working in frontline roles such as childcare, healthcare, and food service
(Tucker & Vogtman, 2022). These essential roles often lack adequate compensation and benefits.
Furthermore, the pandemic had profound effects on the household and family care
responsibilities of Black women, as well as their mental health. Over half of Black women
reported negative impacts on their mental health, with financial stress being a leading source of
concern (Mills & Battisto, 2020). However, a significant proportion of Black women who
experienced negative mental health outcomes did not seek treatment, often due to factors such as

20
the cost, accessibility, or discrimination within the healthcare system (Tucker & Vogtman,
2022). The combination of a volatile employment situation during COVID-19 and increased
expenses during the pandemic have undermined the economic security of many Black women
and a considerable percentage reported that their financial situation worsened as a result of the
pandemic (World Bank, 2021).
To achieve a full and sustainable recovery, substantial policy interventions are needed.
Policies that improve job quality, ensure access to healthcare, and strengthen financial well-being
are crucial, particularly for Black women. These policy measures are important for addressing
the short-term impacts of the pandemic but also for addressing long-standing disparities and
promoting equitable recovery and future resilience (Tucker & Vogtman, 2022).
Black Feminist Theory
Black feminist theory challenges prevailing assumptions and norms by examining the
intersection of sexism and racism. Crenshaw's (1989) seminal essay, "Demarginalizing the
Intersection of Race and Sex: A Black Feminist Critique of Anti-discrimination Doctrine
Feminist Theory and Antiracist Politics", delves into the intricate dynamics of navigating the
social and political landscape as a Black woman in the United States (Flexner & Fitzpatrick,
1996). It centers the experiences of Black women and acknowledges the ways in which they are
affected by racism, sexism, classism, and other social and political identities. Black women have
been excluded from mainstream feminism due to their race, while also facing exclusion from
black liberation movements due to their gender. Black feminism enables discussions about being
Black and gender inequality, offering a platform to address the multifaceted nature of women's
identities. Despite facing prejudice and discrimination, Black women have played and continue
to play critical roles in the struggle for black liberation and gender equality.

21
Crenshaw (1989) coined the term "intersectionality" in her work to illustrate the
experience of being a Black woman and to emphasize that one cannot understand the experiences
of being Black and being a woman separately. Instead, the interactions between an individual's
social and political identities work in tandem to shape different systems of discrimination and
privilege. This theory emerged in response to the marginalization of Black women within antidiscrimination laws, as well as feminist and anti-racist theory and politics. The term seeks to
describe the interconnected aspects of an individual's or group's identity, such as race, gender,
and class, and how they operate within systems of oppression. Racism, sexism, classism, and
other forms of discrimination intersect and mutually reinforce each other to marginalize certain
individuals or groups. The advantages and disadvantages individuals or groups experience are
influenced by a combination of factors. The introduction of the concept of intersectionality shed
light on the unique experiences of Black women, distinct from those of Black men or White
women, due to the combination of racism and sexism they face.
Sojourner Truth's speech at the Women's Rights Convention in 1851 exemplified the core
principles of intersectionality. In her speech, Truth highlighted the precarious position of Black
women within the United States. She emphasized that exclusive focus on the injustices faced by
women disregards the African ancestry of Black women, while alignment solely with being
recognized as Black overlooks the specific challenges associated with being a woman (Truth,
2017). Echoing Truth’s assertions on the foundational aspects of identity, Crenshaw (1989)
expanded her examination to explore how federal and state laws addressing gender intersect with
race. Crenshaw (1989) argued that various statutes aimed at combating social inequities tend to
focus on either gender or race, but Black women exist at the intersection of gender and race,
rendering them invisible within the justice system. Furthermore, the justice system lacks the

22
legal framework to account for the multi-dimensional nature of the social and political injustices
faced by Black women, making it challenging to establish claims of wrongdoing (Crenshaw,
1989). Both Truth (2017) and Crenshaw’s (1989) assertions necessitates an integrated analysis
that considers how these interlocking identities shape the lived experiences of Black women,
encompassing issues related to social, economic, and political inequality. Crenshaw's (1989)
work has been instrumental in illuminating the complexities of systemic discrimination and
foundationally illustrates many of the obstacles Black women encounter when attempting to
secure capital for their entrepreneurial technology endeavors.
Black Women in the Labor Market
Institutionalized racism and exploitation have resulted in a disproportionate
representation of Black women in domestic service and skilled labor positions. Throughout the
20th century, Black women consistently earned lower wages compared to their White male
counterparts. For instance, in the early 1930s, Black women earned an average of $0.35 per hour
while White men earned $0.45 per hour (Library Guides, 2024). Despite increases in the federal
minimum wage, such as reaching $3.80 per hour in the 1990s, the wages for Black women
remained around $3.00 per hour (Library Guides, 2024). Moreover, the researcher avered that
despite visible disparities in the labor market Black women were forced to accept reduced wages
to compete in the labor market to mitigate unemployment.
To abate unemployment, many Black women worked in factories. While working in
factories provided certain benefits for Black women, it wasn't until the onset of World War II
that discriminatory hiring practices began to change, forcing employers to hire thousands of
Black female factory workers (Godwin, 2014). The labor shortage during World War II further
increased the number of Black women entering non-service-based roles (Jones, 2009). Moreover,

23
the Civil Rights Act of 1964 and the implementation of affirmative action also helped Black
women gain a foothold in the workforce, but they continued to face unfair compensation and
discrimination due to their intersectionality (Spaights & Whitaker, 1995).
Within the framework of intersectionality, Spaights and Whitaker (1995) highlighted the
socioeconomic distinctions between the "low socioeconomic Black woman" and the "middleincome Black woman” (p. 98). The former group tends to have more children, lower educational
attainment, and a higher likelihood of poverty, particularly when serving as the head of the
household (Johnston & Staples, 2004) but, employment in domestic and service-based
occupations with incomes below the poverty line contributes to their vulnerability (Spaights &
Whitaker, 1995). Balancing the demands of their nuclear and extended families becomes a
psychological challenge for women in this group (Johnston & Staples, 2004) as they are the
central figure in their households, and they fulfill multiple roles as protectors, providers,
homemakers, disciplinarians, and mothers (Spaights & Whitaker, 1995). Due to the myriad of
responsibilities, single mothers in this group often face termination due to absenteeism when
they take time off work to attend to their children leading to further economic instability
(Kennelly, 1999) in turn, increasing the generational poverty resulting from structural racism,
academic deficiencies, and psychological issues (Johnston & Staples, 2004).
In contrast, Black middle-class women enjoy a higher standard of living compared to
those from lower socioeconomic backgrounds (Spaights & Whitaker, 1995). Educational
attainment, nuclear family membership, and employment in professional occupations play
significant roles in determining their socioeconomic status (Ortiz & Roscigno, 2009). However,
this status can be precarious, as it depends on the ability of both spouses to maintain employment
(Spaights & Whitaker, 1995).

24
Overall, Black women in the middle class face unique challenges. Publicly-imposed false
narratives about Black women can harm their self-perception and family relationships. For
example, the misconception of all Black women being castrating despots has no empirical
support; in fact, Black families tend to be more egalitarian than White families, with middleclass Black families exhibiting the highest levels of egalitarianism (Spaights & Whitaker, 1995;
Willie, 1976). Another misconception revolves around Black women’s ability to handle conflicts
arising from women entering the workforce. Ortiz and Roscigno (2009) argued that spousal
decision-making regarding conflict resolution tends to be egalitarian. Black women from the
middle class have made more progress in the workforce compared to their counterparts from
lower socioeconomic backgrounds, thanks to their educational qualifications, prior work
experience, and communication skills (Spaights & Whitaker, 1995). Affirmative action has been
credited with the advancements of Black women in education and the workforce; however,
despite the advancements facilitated by affirmative action, most Black women in professional
roles face limitations in terms of career advancement.
Being a Black female professional in a predominantly White environment can lead to
significant stress, given the deeply ingrained notions of White supremacy and historical
discrimination against Black individuals (Jones et al., 2021; Spaights & Whitaker, 1995). As a
result, some Black professional women may experience feelings of incompetence and selfdepreciation when competing for employment, promotions, and higher salaries against White
middle-class individuals (Wilson & Darity, 2022). In the 1980s and 1990s, the prevailing
conceptualization of the "Black Lady" archetype emphasized a prominent portrayal of a woman
who diligently pursued her education and achieved considerable success yet encountered
challenges in forming enduring relationships and sustaining the conventional nuclear Black

25
family structure (Lubiano, 1992, p. 335). Furthermore, Lubiano (1992) posited that this "Black
Lady" image perpetuated the perception that Black women needed to engage in competition with
men to secure their social standing, resulting in the adoption of a less conventionally feminine
persona (p. 335). The emergence of the angry Black woman stereotype was intimately linked to
this portrayal of highly educated and assertive Black women. Compounding the perpetuation of
the "Black Lady" stereotype was the assertion that, as an unintended consequence of affirmative
action policies, positions more typically associated with White men were being conferred upon
undeserving Black women, irrespective of their educational attainment or professional
competence (Lubiano, 1992, p. 335).
Education, while providing necessary credentials for securing jobs aligned with skills and
abilities, can also negatively impact Black women in various ways. Inadequate resources and
insensitive teaching in inner-city schools, as well as labeling processes that track Black students
into categories such as mentally disabled or learning disabled, contribute to the under-rewarding
of Black children's efforts and inadequate preparation for postsecondary education (Smedley et
al., 2001). Subpar high school grades and limited family resources often relegate many Black
female students to less prestigious colleges and universities compared to their White counterparts
(Weiss, 2013). These systemic oppressions and socioeconomic disparities continue to hinder
wealth mobility and entrepreneurial progress for Black women in the United States.
Black Female Technology Entrepreneurs
According to the 2011 U.S. Census Bureau (Cohn, 2011), Black women are the most
educated group in the nation and have the highest college enrollment percentage. However,
despite their educational achievements, Black women face challenges in the labor market. In
2021 the U.S. Department of Labor (Roux, 2021) reported that 60% of Black women are actively

26
employed but are unfairly underpaid. Furthermore, Black women are also the fastest-growing
group of entrepreneurs in the country. Between 1997 and 2014, there was a 265% increase in
Black female-owned businesses, surpassing the growth of all women-owned firms during the
same period (Williams, 2017). Black female-owned businesses, which account for over 1.5
million establishments, generate more than $44 billion in annual revenue and support
approximately 400,000 workers (Kniggendorf, 2019). Despite these entrepreneurial
achievements, the representation of women in venture capital-funded companies remains
inadequate.
In 2020, companies with female founders or a combination of female and male founders
raised $20 billion, which falls significantly short compared to the overall venture capital
investments (Stengel, 2021). The share of venture investments received by female founders,
currently at 12.6%, has regressed from the 18.1% reported in 2017 (Williams, 2017).
Additionally, female founders face challenges securing funding at later stages of their startups
compared to their male counterparts.
Of significance, approximately 83% of Black female entrepreneurs do not have access to
bank loans or venture capital when starting or acquiring a business (Younge, 2021). Half a
percent of female entrepreneurs reported receiving venture capital funding to initiate their
ventures, according to the 2016 Annual Survey of Entrepreneurs. African American females
receive an even smaller portion of this already limited funding. From 2009 to 2017, startups
founded by Black women received .0006% of venture capital funding raised by startups,
according to a report by a 2018 ProjectDiane survey. There have been some positive
developments, such as Black female founders raising $494 million in the first half of 2021
(surpassing the total raised in all of 2020) and companies with at least one Black female founder

27
accounting for 2.6% of funding for all female founders (Younge, 2021). Biases in the funding
process contribute to these disparities, as women are more likely to face questions about
preventing losses and protecting their businesses rather than being asked about growth potential.
The consequences of this underfunding extend beyond venture capital. Women face
higher interest rates from banks and have limited access to team-based accelerators, which
provide minimum funding amounts and access to professional services (Kniggendorf, 2019).
Despite being educated and entrepreneurial, Black women struggle with underfunding, revealing
a complex interplay of diversity, technology, and economic policies. While tax write-offs, such
as those provided by the Small Business Jobs Act of 2010 (McLymont, 2010) offer some relief,
they do not bridge the funding gap for Black women entrepreneurs.
A longitudinal study conducted by Goldman Sachs (2020) asserted when Black women
successfully secure funding, the average amount raised is $36,000, significantly lower than the
average for White male startup founders, who secure an average of $1.3 million. Furthermore,
the absence of venture capital support from prominent firms presents a compounding problem.
Substantial capital allocation can elevate a product or founder's profile, attracting media attention
and generating public interest. Despite their educational achievements and entrepreneurial
growth, Black women face substantial obstacles in accessing fair funding and venture capital
support. Overcoming these challenges requires addressing biases, promoting diversity, and
implementing supportive economic policies to ensure Black female entrepreneurs receive the
resources and opportunities similar to their White-male counterparts.
The Murder of George Floyd and its Impact on Capital Allocation
The death of George Floyd had a profound impact on the allocation of capital to BIPOC
entrepreneurs. A video capturing George Floyd’s murder by Minneapolis, Minnesota police

28
officers sparked a nationwide movement against police violence and racial injustice. Keshner
(2022) postulated over the course of the following year, the movement to eradicate social
injustice evolved into the largest mass protest movement in U.S. history, with demonstrations
taking place in both large cities and small towns across the nation. In direct response to the
protests, nearly 170 Confederate symbols were renamed or removed from public spaces, marking
a significant shift in the national dialogue on racial justice (Keshner, 2022). The backdrop of the
COVID-19 pandemic further emphasized the racial inequities in the country, as people of color
were disproportionately affected by the virus and its economic consequences.
Following the death of George Floyd, many states introduced policing reform laws, and
corporations pledged significant funds to support racial equity causes (Keshner, 2022). White
allyship played a crucial role in advancing the cause of racial equality, as United States citizens,
particularly White Americans, expressed increased support for the Black Lives Matter movement
and acknowledged the existence of racial discrimination and excessive police force targeting
Black citizens (Lindsay et al., 2023).
However, addressing systemic racism requires going beyond surface-level partnerships
and initiatives. George Floyd's death exposed a failure in policing but also failures in economic
policies that perpetuate wealth and homeownership gaps and devalue Black lives (Perry & Black,
2020). In response, corporations based in the United States pledged to confront systemic racism
and pledged billions of dollars to address racial inequality. However, a closer look reveals that
many of these funds are allocated as loans or investments that could generate profits for the
companies, with mortgages being the primary focus, not entrepreneurship (Jan et al., 2021).
Additionally, assessing the impact of these corporate commitments is challenging, as there is no

29
centralized tracking system, and corporations are not required to report on the allocation and
impact of their funds.
Further independent reporting revealed JPMorgan Chase has pledged $28 billion in
housing and business loans in Black and Latino communities to facilitate homeownership for
40,000 families over the next 5 years. PayPal is invested $500 million in Black and Latino
financial institutions and venture capital funds, while Google is donating $50 million to
historically Black colleges and universities to increase representation in the tech sector.
However, in comparison, venture allocation to White male entrepreneurs surpassed $96 billion in
2021 (Gupta, 2022). The culmination of all the reported pledges spread over the next 5 years is
less than 35% of a single year of capital allocation to White-male entrepreneurs. Experts
emphasize that meaningful change requires more than financial contributions from profit-driven
corporations (Baskin, 2022). It necessitates policy changes from both corporations and the
government to address the historic destruction of Black wealth. Solely relying on corporate
donations will not suffice in driving transformational change.
Wealth Gap in the United States
Income inequality in the United States is a multifaceted issue exacerbated by historical
policies and systemic disparities. Addressing this challenge requires comprehensive policy
interventions to foster economic inclusivity, reduce racial disparities, and promote equitable
wealth distribution. Income inequality in the United States became increasingly apparent
following President Ronald Reagan's "trickle-down" economic policies (Burnette-McGrath,
2019). These policies, characterized by reduced taxes on wealthy individuals, were purported to
stimulate economic growth and ultimately benefit the middle class (Lazarus, 2013). However,
this narrative has been challenged by a growing body of research highlighting the widening

30
income gap and its associated socioeconomic implications. According to a report by Sommeiller
et al. (2016), income inequality in the United States has risen since the late 1970s, persisting
even in the post-Great Recession era. This trend is not confined to specific regions but extends
across the nation, affecting various states, metropolitan areas, and counties. The top one percent's
share of total income has surged in several states, metropolitan areas, and counties, exacerbating
the income gap and underscoring the concentration of wealth among a select few (Reynolds,
2019). Data from 2013 illustrates the magnitude of income inequality, with the top one percent
of families nationally earning substantially more than the bottom 99 percent (Sommeiller et al.,
2016).
This disparity is particularly pronounced in certain states and metropolitan areas, where
the income gap surpasses the national average. Notably, the top 1 percent's average income in
these areas significantly exceeds that of the bottom 99 percent, perpetuating socioeconomic
stratification (Aladangady & Forde, 2021). Moreover, Aladangady and Forde (2021) assert that
racial disparities in wealth compound the issue of income inequality, as evidenced by a recent
study revealing significant disparities between Black and White households. Black Americans,
on average, earn significantly less over their lifetimes compared to their White counterparts,
reflecting systemic inequalities in access to education, employment, and financial resources.
Additionally, disparities in financial literacy and banking access further contribute to racial
wealth inequality, with Latinx and Black households disproportionately affected (Lazarus, 2013).
The interplay between racial and income inequality is complex, with various factors contributing
to the widening gap. Historical discrimination, income differentials, and disparities in asset
ownership and returns all contribute to perpetuating wealth disparities among racial groups
(Thompson & Suarez, 2019). Furthermore, intergenerational transfers and bequests

31
predominantly benefit higher-wealth, White households, exacerbating wealth inequalities over
time.
Conceptual Framework
Pierre Bourdieu, a French sociologist, and public intellectual (1930–2002), dedicated his
work to understanding societal power dynamics. Bourdieu made significant contributions to the
sociology of culture, particularly in social stratification, status, and power (Wacquant, 1998).
Bourdieu examined the nature of culture, its reproduction and transformation, and its connection
to social stratification and the exercise of power (Jenkins, 2014). Most notably, Bourdieu
introduced the concept of different forms of capital, including economic, cultural, and social
capital.
Bourdieu's conceptualization of social capital, outlined in 1986, acknowledged that
capital extends beyond the economic realm and encompasses various forms of resources. Of
significance, he emphasized the importance of social exchanges beyond self-interest,
encompassing all forms of capital and profit (Jenkins, 2014). Bourdieu's understanding of social
capital was grounded in theories of social reproduction and symbolic power (Wacquant, 1998)
and highlighted the structural constraints and unequal access to institutional resources based on
class, gender, and race.
Regarding social capital, Bourdieu viewed it as an attribute of individuals rather than
collectives. It is derived primarily from one's social position and status, enabling individuals to
exert power over groups or individuals who mobilize these resources (Harker et al., 2016).
Bourdieu emphasized that social capital was only uniformly available to some group members
but depended on one's efforts to acquire it through achieving positions of power, status, and

32
goodwill (Wacquant, 1998). Social capital, for Bourdieu, was inherently tied to class and other
forms of stratification, which subsequently influenced various advantages and advancements.
Bourdieu described social capital as the actual or virtual resources acquired by
individuals or groups through their possession of institutionalized relationships characterized by
mutual acquaintance and recognition (Jenkins, 2014). Thus, social capital resided within
individuals and was linked to the social connections they could utilize for personal advancement.
While Bourdieu's conceptualization of social capital differs starkly from most current
approaches, many researchers have appropriated his definition for their research. However,
Bourdieu's treatment of power sets his understanding apart (Swartz, 2012). Bourdieu associated
social capital with the reproduction of class, status, and power relations, emphasizing power over
rather than power to. Bourdieu’s perspective presents social capital as a zero-sum game, where
some individuals possess access to social capital due to social stratification while others do not
(Jenkins, 2014).
While some researchers may adopt the network approach to social capital and cite
Bourdieu for definitional or conceptual issues, it is essential to understand the existing
conceptual differences (Wacquant, 1998). Bourdieu's social capital is inseparably linked to
context and the broader social, economic, and cultural structures that influence production and
reproduction. These factors often lie beyond network-based approaches, primarily focusing on
social connections (Harker et al., 2016). For Bourdieu, the macro-sociological processes related
to norms and culture are integral to social capital and cannot be separated. According to
Bourdieu, social capital is rooted in individual social positions and power derived from macrolevel structures (Wacquant, 1998). Scholars who solely examine networks may fail to appreciate
Bourdieu's comprehensive concept of social capital. Bourdieu's notion of social capital shifts the

33
focus to conflicts and power relations within social relationships. Social capital is a resource
collection that creates connections and mutual recognition networks. By being part of influential
groups or having solid connections, individuals can leverage their social capital for personal
gain. As a theoretical concept, social capital encompasses social relations that enhance an
individual’s ability to pursue their interests.
Symbolic capital is a subset of social capital. Bourdieu does not consider symbolic capital
as a primary form but categorizes this as a concept that legitimizes an individual’s social position
and the segregation of economic, cultural, and social resources. Symbolic capital represents the
power of the dominant class and is employed to validate their authority. The legitimizing
function of symbolic capital by emphasizing that social classes established by the distribution of
economic, cultural, and social capital are mere classes on paper unless symbolic capital
transforms them into meaningful distinctions (Paschos, 2020; Siisiäinen, 2003). The transmission
of cultural capital from parents to children holds immense importance, as it serves as a
foundation and indicator of social class and significantly influences children's trajectory within
the social sphere.
Cultural capital can be defined as a type of capital that has the potential to be converted
into economic capital and can be institutionalized through educational qualifications
(Richardson, 1986). Bourdieu et al. (1977) introduced the concept of cultural capital to examine
how culture influences the social stratification system and the interplay between action and
social structure (Lamont & Lareau, 1988). Bourdieu identified three fundamental forms of
cultural capital: embodied, institutionalized, and objectified cultural capital. Embodied cultural
capital refers to enduring dispositions of the mind and body (Richardson, 1986), representing
culturally legitimate preferences and behaviors acquired during socialization. Institutionalized

34
cultural capital encompasses the degrees and diplomas that certify the value of embodied cultural
capital (Lamont & Lareau, 1988). Lastly, objectified cultural capital represents the consumption
and acquisition of cultural goods such as artwork, books, and instruments. The transmission of
embodied cultural capital plays a crucial role in shaping an individual's habitus.
While Gillespie (2019) provides a comprehensive description of habitus, emphasizing its
role in instilling a worldview and assigning cultural value to things, we can further explore the
connection between capital and habitus. Bourdieu developed the concept of habitus to address
the limitations of objectivism and subjectivism, aiming to characterize socialized subjectivity
that internalizes and externalizes external influences (Swartz, 2012). Simply put, habitus
embodies one’s social positionality, including gender, class, ethnicity, and race. According to
Bourdieu, social location and class determine various forms of capital. Therefore, embodied
cultural capital tends to integrate external wealth into an individual's habitus, becoming an
inherent part of one’s cultural capital (Swartz, 2012). The theory of cultural capital argues that
the influence of a family's social background on a child's educational success is closely
associated with the cultural resources possessed by privileged parents, which provide their
children with an advantage in mastering the academic curriculum (Lamont & Lareau, 1988).
However, it is important to note that the transmission of cultural capital occurs over a prolonged
period through socialization (Edgerton & Roberts, 2014).
Bourdieu's objective goes beyond highlighting the convertibility and transmission of
capital or the distribution of resources and capital within society. By introducing the notion of
capital, he aims to uncover the underlying processes through which the dominant White race,
unjustly appropriate and monopolize resources that secure the legitimization of their social
supremacy (Edgerton & Roberts, 2014). The dominants manipulate and distribute these

35
resources to perpetuate their dominance over subordinate classes in the social field by converting
them into various forms of capital.
Economic capital, encompassing an individual's wealth serves as a pivotal determinant in
the facilitation of resource accessibility and the enhancement of social status. However, the
transference of wealth also presents a conundrum wherein intergenerational mobility may be
diminished, as affluent families can furnish their offspring with financial backing for
entrepreneurial endeavors or safeguard them against setbacks in ventures characterized by
heightened risk (Swartz, 2012). Bourdieu posited that economic capital constitutes merely one
facet of the multi-dimensional array of capital possessed by individuals, whose interplay molds
their societal standing—defined as their position within a social hierarchy—and prospects for
mobility (Jenkins, 2014).
Within Bourdieu’s sociological paradigm, economic capital denotes the financial assets
and resources wielded by individuals or collectives, encompassing income, property holdings,
investments, and other forms of wealth capable of conferring economic influence. It is pivotal in
configuring social stratification and delineating an individual’s position within the societal
hierarchy. Importantly, Bourdieu's conceptualization of economic capital is not insular but
intersects with alternate forms of capital, notably cultural and social capital. Possessing cultural
capital, for instance, can augment an individual’s economic prowess by furnishing them with the
requisite competencies and knowledge for success within specific domains or industries (Harker
et al., 2019). Likewise, social capital can expedite the accrual of economic capital by affording
access to influential networks and affiliations. Pierre Bourdieu’s delineation of economic capital
yields invaluable insights into the intricate interplay between financial resources, societal
hierarchies, and social mobility (Jenkins, 2014). An appreciation of economic capital furnishes

36
illumination regarding how individuals and cohorts attain and perpetuate their positions within
the social fabric. By contextualizing economic capital within the broader framework
encompassing cultural and social capital, researchers can cultivate a nuanced comprehension of
the multifaceted dynamics underpinning societal configurations and the propagation of social
disparities.
Bourdieu's approach has influenced research on the links between micro-level networks
and positive individual outcomes, particularly in professional advancement and labor market
status. However, women of color still face significant challenges in accessing capital and
investment opportunities (Wacquant, 1998). Historical social and racial inequalities, wealth
disparities, lending discrimination, limited mentorship, and training opportunities, and higher
interest rates hinder their progress. Access to networks remains a vital issue, as a need for wealth
networks makes it difficult for women entrepreneurs to expand their business reach and
capitalize on opportunities. Researchers can use Bourdieu’s work to emphasize the importance of
social context and the unequal distribution of various forms of capital (Harker et al., 2016).
Addressing these issues can foster equality and create opportunities for marginalized individuals,
particularly women of color, in technology entrepreneurship and business ownership.

37
Figure 1
Conceptual Framework
Understanding the Black female experience necessitates acknowledging the historical
context of slavery, as it shaped their identity and existence within the United States. During this
period, Black women were viewed as property, subjected to breeding, objectification, and labor
for the satisfaction of White men (Asare, 2020). Present-day factors such as drug abuse,
premature deaths of Black males, and high incarceration rates further contribute to a limited pool
of eligible partners among Black men (Taylor, 2020) compounding the effects of sexual
exploitation and the lingering effects of their ancestors' negative experiences. While issues of
female subordination and male dominance concern middle-class women in mainstream society,

38
poverty, exclusion, workplace discrimination, and powerlessness are critical challenges faced by
all Black women (Asare, 2020) and are instrumental in the wealth inhibition in the United States.
Nonetheless, Black women remain a stabilizing force within their families, communities, and
society as they strategically traverse various barriers to social, economic, and cultural capital
while pursuing their entrepreneurial endeavors in the technology sector.
Methodology
This research study aimed to comprehensively fathom the intricate relationship between
the allocation of capital, specifically to Black female technology entrepreneurs, and the dynamics
of wealth mobility within the context of the United States. The study critically examines the
historical manifestations of systemic oppressive factors that have consistently impeded the
upward mobility of Black women in terms of wealth accumulation while also shedding light on
the current insufficiency in allocating capital to Black female technology entrepreneurs and its
consequential correlation with limited wealth mobility within the United States.
This section elucidates the methodological design employed in this research study and
provides a detailed account of the participants who were purposefully selected to participate.
Furthermore, this section undertakes a meticulous reexamination of the theoretical and
conceptual framework that underpins this research, explicitly interpreting how they serve as the
fundamental basis for this study. An overview of the data collection process and the employed
instrumentation is also presented herein, furnishing additional insights into the research
methodology. Lastly, ensuring the employment of structured data analysis methods and the
implementation of ethical and safety protocols guarantees the utmost confidentiality of the
participants.

39
Through adopting a qualitative research approach, this research study seeks to build upon
the existing body of knowledge pertaining to capital allocation, specifically to Black female
entrepreneurs within the technology sector. The research questions and the identified data
sources, as delineated in Table 2, assume a pivotal role in guiding the collection and analysis of
data, ultimately contributing to the foundation of this research study.
Table 1
Data Sources
Research Questions Interview Survey
RQ1: What are the ways in which a dearth of cultural capital hampers
the wealth mobility of Black female technology entrepreneurs in the
United States?
X X
RQ2: In what ways does a deficit of social capital impede the capacity
of Black women in the United States to attain upward wealth mobility?
X X
RQ3: What are the ways in which a scarcity of economic capital hinders
the ability of Black women in the United States to achieve upward
wealth mobility?
X X
Research Setting
This research study explores the relationship between the inadequate allocation of capital
to Black female technology entrepreneurs and the hindrance of wealth accumulation in the
United States. The research questions identified serves as the basis for data collection and
research methodology. Adopting a narrative qualitative field study approach, this research study
utilizes a socioeconomic data questionnaire and incorporates the lived experiences and
perceptions of 13 Black female entrepreneurs who established startups between the years 2012
and 2023. The selected timeframe encompasses periods of economic fluctuation such as
inflation, recession, the COVID-19 pandemic, and the post-George Floyd era.

40
The Researcher
Positionality and intersectionality acknowledges the intricate interplay between social
identities and systems of power and oppression. With identities being fluid, relational, and
socially constructed, intersectional frameworks recognize that individuals possess multiple and
diverse identities (such as race, gender, sexual orientation, socio-economic status, dis/ability,
beliefs, and worldview) that intersect in unique ways, shaping their perspectives and experiences
with both oppression and privilege (Ontario Human Rights Commission, 2001). In this context,
intersectionality acknowledges that oppression does not occur in isolation; rather, intersecting
forms of oppression synergistically contribute to perpetuating injustice (Collins, 2022).
As a Black woman operating within the venture capital realm, I understand the
correlation between capital allocation to Black female technology entrepreneurs and the
impediment of wealth accumulation in the United States. Moreover, as a critical advisor in the
venture capital field, my intersectionality and positionality align with the selected participants for
this research study. My profound understanding of the link between allocation of various forms
of capital and entrepreneurial success allows for a comprehensive grasp of the myriad of
challenges Black female entrepreneurs encounter. Further, it establishes a shared framework for
gathering information. However, it is crucial to acknowledge the potential for confirmation bias
due to my familiarity with the challenges Black female technology entrepreneurs encounter in
their pursuit of venture capital funding.
The interview questions employed in this study result from consultation with the faculty
specializing in Organizational Change and Leadership and adhere strictly to the guidelines
established for the research question. Qualitative research methods have historically faced
criticism for their perceived lack of rigor and tendency to yield impressionistic and biased

41
findings. To address these concerns, applied thematic analysis is employed, which introduces
structure and incorporates reflexivity into qualitative research using textual data. Thematic
analysis proves advantageous for examining qualitative data in the context of a dissertation
(Lochmiller, 2021). This method enables a more profound understanding of individuals'
experiences, perspectives, and behaviors, offering insights that enrich the dissertation's findings.
Data Sources
The dissertation entails an analysis of primary research data obtained through field
interviews conducted with a sample of Black female technology entrepreneurs who have initiated
business ventures from 2012 through 2023. A sociodemographic survey was administered to
collect pertinent information regarding the participants' backgrounds. I identified and engaged
with a cohort of 13 entrepreneurs operating within the technology industry.
Method: Interviews
The participant interviews took place via the Zoom platform to minimize disturbances
and unsolicited interruptions. Additionally, before the interviews, I communicated my motives
and intentions to the participants, as outlined in the work by Roller and Lavrakas (2015). A
crucial aspect of qualitative analysis is the careful structuring of the interview, which enables the
researcher to gain valuable insights into the participants' perspectives regarding the research. The
interview questions revolve around the participants' socioeconomic background, experiences in
initiating a technology business, and the challenges they encountered when seeking funding from
various sources, including conventional banking institutions, crowdfunding platforms, venture
capital, private equity firms, and professional networks.

42
Method: Pre-Interview Sociodemographic Survey
The pre-interview sociodemographic survey was distributed to Black female technology
entrepreneurs who established a technology-based business from 2012 to 2023. Comprising of
30 questions, the survey aimed to explore various aspects of Black entrepreneurship, including
the participants' backgrounds, motivations for initiating a technology business, perceptions of the
significance of capital, and its impact on their entrepreneurial pursuits. Additionally, the study
investigated the influence of different types of capital (economic, social, and cultural) on their
competence and readiness to manage a technology enterprise effectively. Furthermore, the
survey explored their choice to work within specific industries and their strategies for
establishing a technology startup with promising potential.
The survey played a crucial role in comprehending the financial details of the founders
and examining the challenges encountered from an intersectionality standpoint. Critically, the
survey provided insights into their experiences navigating the bureaucratic and social landscape
associated with securing capital to finance their entrepreneurial endeavors while identifying
areas of financial growth and decline and offering valuable information on the financial
trajectories of these entrepreneurs.
Participants
The study participants are Black female technology entrepreneurs who have established
technology businesses in various sectors, such as FinTech (Financial Technology), MedTech
(Medical Technology), EdTech (Education + Technology), RealTech (Real Estate +
Technology), and LegalTech (Legal Technology). Due to the limited number of Black female
technology entrepreneurs who meet the criteria of founding a technology business within the
timeframe of 2012 to 2023, a purposive sampling method was employed for participant

43
selection. Social networks and email served as vital tools for identifying and reaching out to
potential participants. The study included a total of 13 participants, all of whom fulfilled the
requirements of being Black, identifying as female at birth, and having founded a technology
company between 2012 and 2023. Participants agreed to participate in this research study of their
own volition and within the established parameters. Additionally, to protect the identity of the
participants, pseudonyms were used, and I was the only individual with access to the participants
information.
Instrumentation
A structured narrative-focused interview consisting of a set of 12 carefully crafted
inquiries, along with supplementary questions designed to extract detailed responses was used.
The primary objective of the interviews was to directly acquire participant narratives pertaining
to the research inquiries. The ensuing narrative analysis uncovered layers of significance within
the participants' accounts, shedding light on themes pertinent to the under-allocation of capital to
Black women, which hinders wealth accumulation in the United States. By identifying recurring
patterns and similarities among participants, the analysis aims to extract insights that contribute
to a deeper understanding of capital allocation to Black female technology entrepreneurs,
drawing support from the work of Roller and Lavrakas (2015).
The interview protocol included various components, such as an initial introduction to the
interview process, obtaining verbal consent from participants, a series of questions, and
supplementary prompts. These questions and prompts are intentionally designed to guide
participants' attention toward personal anecdotes related to their experiences in establishing
technology enterprises as Black women, with a particular emphasis on the challenges and
strategies for securing capital for such ventures. The thematic focus revolves around two key

44
aspects: the perspective of a Black woman navigating the realm of technology entrepreneurship
and the complexities of obtaining financial resources for technology-related initiatives. Each
question within the interview protocol serves as a tool, encouraging participants to share their
personal stories, lived experiences, and perspectives. The central narrative encompasses the
interplay between systemic oppression, the perpetuation of oppressive stereotypes of Black
women, and the deficiencies in capital allocation to support the technological endeavors of Black
female entrepreneurs. This exploration is fundamentally linked to understanding how these
multifaceted factors correlate with limited wealth accumulation and mobility in the United
States. The development of the interview protocol has the potential to reduce potential biases and
enhance the effectiveness of the data collection process.
Data Collection Procedures
The data collection methodology employed for this study involved utilizing the Zoom
platform to conduct interviews, which will be subsequently recorded for comprehensive
documentation. This approach aligns with the perspective advocated by Roller and Lavrakas
(2015), emphasizing the merits of obtaining verbatim transcripts from recorded interviews as the
foundational repository for subsequent analysis. To augment the fidelity of the recorded
interviews, Zoom's transcription software was employed, allowing examination and coding at a
later stage.
Each interview session was allocated a singular timeframe of approximately 60 minutes,
adhering to a concentrated yet immersive engagement with participants. This temporal allocation
is strategically designed to uphold the principles of narrative inquiry, permitting participants to
expound upon their experiences without interruption, thereby fostering a conducive environment
for the organic expression of their narratives. Following the interview phase, the subsequent

45
stage in the research process involves a comprehensive review of the interview transcripts,
encompassing a series of systematic steps known as the Interview Transcript Review (ITR)
(Rowlands, 2021). Initially, the recorded interviews are transformed into written text through
transcription, thus constituting the primary dataset for analysis. Next, narrative analysis is
conducted, identifying, and extracting essential elements from the transcripts, such as narrative
structures, themes, and emotional or symbolic components embedded within the narratives.
Before thematic coding, the transcript is shared with the participant to ensure interview accuracy.
During thematic coding, text segments are categorized and coded based on recurring themes or
patterns that emerge from the narratives, revealing common threads in participants' stories.
Narrative reconstruction follows, involving the reconstruction and coherent retelling of
participants' narratives to clarify their structures and content. Contextualization is vital,
encompassing an exploration of the participants’ broader social, cultural, historical, and personal
context, recognizing their substantial influence on the narratives. Throughout this process, it is
imperative to remain attentive to emergent themes and unexpected insights that may arise, which
can lead to further exploration and understanding. Finally, the research findings are synthesized
into a comprehensive write-up, utilizing the analyzed transcripts and interpretations as
substantiating evidence for claims and conclusions.
Data Analysis
The data analysis undertaken in this research study involves an examination of the
transcripts derived from narrative-focused interviews aimed at identifying recurrent patterns
within the lived experiences articulated by the participating Black female technology
entrepreneurs. A prominent attribute of narrative inquiry is its capacity to engender
comprehensive insights by eliciting participants to share their life experiences through intricate

46
and substantial narratives, as highlighted by Connelly and Clandinin (2004). These researchers
posited a theoretical stance within educational research sustaining that humans fundamentally
operate as narrative beings, both individually and collectively weaving narratives that shape their
existence. This conceptual framework further refines the notion that the realm of education,
alongside educational research, fundamentally involves constructing and reconstructing personal
and communal narratives (Connelly & Clandinin, 2004). Within this narrative tapestry, learners,
educators, and researchers alike assume the dual roles of storytellers and characters, contributing
to their narratives and those of others.
The analytical procedure encompasses an assessment of the interviews to discern
recurring thematic motifs, drawing upon the methodology of narrative analysis. This approach
enables a focused interpretation of the foundational narratives in the participants' anecdotes
(Rowland, 2021). By harnessing the importance of the first-person narrative, the ensuing data is
systematically gathered and structured, facilitating a nuanced comprehension of the participants'
experiential trajectories.
Crucially, the narrative analysis framework transcends mere textual exploration,
extending to encompass the multifaceted dimensions of expression. Beyond scrutinizing the
linguistic choices employed during the interviews, the methodology permits an amalgamation of
data concerning how individuals articulate themselves, including their language, to encapsulate
specific events or emotions (Rowland, 2021). This analytical approach delves into the cognitive
underpinnings and motivational impetuses that underscore these narratives. Of equal significance
is the consideration of how the participants construct their narratives, encompassing the
cognitive and interpretative aspects that contribute to shaping their recounted experiences.

47
Credibility and Trustworthiness
The foundation for assurance of trustworthiness and credibility in the present research
investigation is drawn from the scholarly contributions of Cope (2014) and Zina (2021). These
methodological approaches encompass the cultivation of multiple data sources, the thorough
collection of pre-interview survey data, and the rigorous review of interviewee transcripts.
Implementing this methodological paradigm serves to heighten the trustworthiness of the
research outcomes by mitigating the introduction of researchers' inherent biases into the collected
dataset, as advanced by Cope (2014). This research study aims to delve into the intricacies
surrounding the knowledge acquisition and access to capital for Black female technology
entrepreneurs and to probe into the direct ramifications of such access on the trajectory of wealth
mobility within the United States. The participant pool was drawn from Black female
entrepreneurs who embarked on technology ventures spanning 2012 to 2023. Furthermore,
validating findings through input and feedback from interviewees further fortifies the research
process, thereby diminishing the potential for misinterpretation, a practice deepened by both
Cope (2014) and Zina (2021). This research methodology, characterized by its commitment to
validating gathered information through active engagement with respondents, underscores its
dedication to methodological rigor and the preservation of research credibility.
Findings
This qualitative field research study aimed to comprehensively explicate the factors
contributing to the under allocation of capital to Black female technology entrepreneurs.
Specifically, the investigation concentrated on systemic oppression, sociodemographic factors,
conscious and unconscious bias, and diverse forms of capital influencing the distribution of
funds to Black female technology entrepreneurs and the resulting repercussions on the wealth

48
disparity within the United States. Utilizing a semi-structured narrative approach facilitated the
extraction of unique experiences from participants. The narrative inquiry methodology was
employed to integrate the researcher as an integral element in the research process, as Creswell
and Plano (2011) advocated. Employing Zoom recording functionality for transcription and
recording and adhering to established Institutional Review Board (IRB) protocols, each interview
was documented. The incorporation of open-ended questions in all interviews aimed to mitigate
undue influence on responses or opinions, fostering a more unencumbered exchange of
information between participants and the researcher, in accordance with the recommendations of
Creswell and Plano (2011). The ensuing conceptual framework delineated the impact of various
capital forms on the ability of entrepreneurs, particularly Black female technology entrepreneurs,
to secure funding for their entrepreneurial pursuits. The primary objective of this section is to
scrutinize the nexus between capital allocation, the success of technology ventures, and its
consequent influence on wealth mobility in the United States.
The investigation into capital allocation to Black female technology entrepreneurs was
underpinned by the capital theory framework. This framework scrutinized the influence of
diverse forms of capital on generational wealth and the Black community's capacity to support
venture capital initiatives, affecting wealth mobility in the United States. The integration of this
theory with the conceptual framework and the research questions illuminates the intricate
connection between capital allocation and wealth mobility. Consequently, three overarching
themes surfaced from the qualitative research findings: cultural capital, social capital, and
economic capital. These themes subsequently serve as avenues to address the research inquiries.
Table 2
Participant Backgrounds

49
Pseudonym Industry Title Experience
Aminatu EdTech Co-Founder 2+ Years
Sheba EdTech Co-CEO 14+ Years
Nefertiti RealTech COO 5+ Years
Ranavalona LegalTech Co-Founder 3+ Years
Nandi FinTech Co-CEO & President 2+ Years
Moremi HealthTech CEO 2+ Years
Damilola FinTech CEO 3+ Years
Idia FinTech Founder 2+ Years
Odunayo EdTech CEO & President 6+ Years
Ashanti MedTech Co-Founder 2+ Years
Asantewaa EdTech Founder 2+ Years
Hatshepsut AgriTech Founder 3+ Years
Nzinga HealthTech Founder 5+ Years
Findings Research Question 1
This section consolidates responses to Research Question 1, which examines the
contribution of systemic oppression to the access of cultural capital among Black female
technology entrepreneurs. Two themes have surfaced in addressing this question: the absence of
generational wealth to support technology founders in their pursuits and the deficiency of
financial and business infrastructure within the Black community. Entrepreneurs endowed with
elevated levels of cultural capital generally exhibit enhanced capacities to initiate and cultivate
prosperous business ventures. This prowess emanates from possessing knowledge, skills, and
social connections requisite for navigating the intricate realms of business and entrepreneurship.
The paramount importance of cultural capital for entrepreneurs lies in its capacity to facilitate

50
adept navigation of the intricate spheres of business and entrepreneurship and its ability to
furnish access to resources and influential contacts conducive to societal advancement. The
inherent risks associated with establishing new ventures are exacerbated by factors such as the
liabilities of newness and smallness, as articulated by Cooper et al. (1994). Furthermore, in
economies undergoing transition, the adversarial milieu characterized by feeble institutional
frameworks and restricted capital availability amplifies the already formidable challenges
confronting the viability of nascent ventures (Lyles et al., 2004). Irrespective of environmental
conditions, a new enterprise's initial stock of resources assumes critical significance for its
survival and early-stage expansion.
Theme 1: Absence of Generational Wealth to Support Black Female Technology Founders in
their Entrepreneurial Ventures
When a founder begins building a dynasty, they kickstart the process of accumulating
wealth for their family in the first generation. Moremi, a HealthTech founder, asserted “we're
focused on generational wealth because it's not just about achieving comfort in the present. It's
about laying a foundation that ensures our children can stand tall on our shoulders, not start over
from zero." Jaffe and Lane (2004) posited that dynastic recognition is not conferred until control
of the wealth or business is wielded by the third successive generation within the founding
family. Nandi, a FinTech President and Co-CEO, shared, “the reality is that not every brilliant
idea leads to a billion-dollar exit, but what's crucial is creating a wildly successful company that
provides generational wealth and inheritance.” This study clarifies how socioemotional wealth,
which refers to the non-financial aspects of a firm and the self-perception of entrepreneurs,
significantly influences the discourse. Moremi conveyed that, while founders inherently seek
success for their enterprises, most interviewees are concurrently driven by the altruistic motive of

51
contributing to their communities and facilitating opportunities for subsequent generations of
Black entrepreneurs. Damilola, a FinTech founder, emphasized the interconnectedness of racial
equity and global economic opportunities, reinforced the indispensability of hands-on support
and networking for the success of any founder. Damilola shared,
growing up in an immigrant family, I learned the value of resourcefulness and
entrepreneurialism from a young age. These ingrained values guided me on the path to
founding my own business. My upbringing instilled in me the drive to create something
meaningful and impactful.
She also expressed concern that tackling racial inequities is crucial for maintaining social
stability, a key factor for continuous economic growth.
Implementing inclusive economic policies and practices that empower marginalized
communities helps bridge social gaps but also cultivates an atmosphere conducive to lasting
economic success. Hatshepsut, the founder of an AgriTech business, conveyed "intergenerational
wealth isn't just about passing down assets; it's about providing opportunities for future
generations to break free from cycles of financial struggle. It's about leveraging resources to
create lasting impact." Adjacent is ensuring racial equity is essential to guaranteeing equal access
to economic opportunities such as education, employment, entrepreneurship, and investment for
individuals of all racial backgrounds. Idia, a FinTech entrepreneur whose start-up was
successfully acquired, asserted,
in a landscape shaped by racial inequities, investor’s decision to prioritize allyship and
diversity is a testament to their core values. Together, we [the investor and the founder]
forge a path to empower Black founders and drive systemic change, embodying the
transformative potential of collective action and strategic collaboration.

52
By breaking down racial barriers, marginalized groups can fully engage in the global economy.
Idia, reflected on her participation in DC Startup Week 2023 and the discussions among
fellow founders centered on funding disparities for Black-led startups, particularly those led by
Black women, serving as exemplars of racial inequity in entrepreneurial endeavors. Idia further
highlighted the disconcerting statistic that Black founders secure less than 1% of all venture
capital funding despite constituting less than 12% of the adult U.S. population (Davis, 2023).
Asantewaa asserted, “part of running a company and growing something that is truly amazing is
asking people for money. It’s a wildly vulnerable place to be because you’re sharing everything
about you and rejection happens more than success." During the forum discussions at DC Startup
Week 2023, the concept of the liquid wealth gap was expounded upon, revealing an 8x wealth
differential between White and Black American families, which highlights the vulnerability
Asantewaa spoke of in asking for funding as a means of growing a company. More significantly,
when scrutinizing the liquid wealth gap, which excludes home equity and better reflects capital
available for investment, an alarming 22x wealth disparity in the United States is disclosed, with
a median liquid wealth of $3,630 for Black families (Fifth Star Funds, 2023). In a stark
illustration, for a Black entrepreneur to secure an average of $23,000 they would necessitate the
entirety of the liquid wealth of six Black families (McIntosh, 2020). Sheba, an EdTech Co-CEO,
noted,
the pursuit of intergenerational wealth is about more than monetary gains; it's about
equipping future generations with the tools to thrive. For many in the Black community,
the current reality highlights the urgent need to address systemic barriers hindering
wealth transfer.

53
Ranavalona, a LegalTech application Co-Founder, shared similar sentiments about wealth by
commenting, “while it's trendy to discuss entrepreneurship and investments, there's a crucial
aspect missing from the dialogue: the preservation of wealth across generations. We must shift
our focus to not just accumulating wealth but safeguarding it for our heirs.” The absence of
generational wealth emerges as a critical impediment, constraining the initiation of Black-led
enterprises and impeding progress through the capital-raising trajectory, thereby contributing to a
disproportionally higher representation of White venture-backed founders in the entrepreneurial
landscape by a factor of approximately 40 in the United States (Diversity & Tech, 2019).
Research question 1 showcases the importance of the aspiration for intergenerational wealth
among Black female technology entrepreneurs to establish a foundation for subsequent
generations, facilitating economic stability and opportunities for familial advancement, as
articulated by Moremi, a HealthTech founder, and supported by Jaffe and Lane's (2004)
delineation of dynastic recognition criteria.
Theme 2: Deficiency of Financial and Business Infrastructure within the Black Community
Cultural capital constitutes an individual's institutionalized holdings, encompassing
occupational certifications, educational diplomas, and academic degrees, as well as integrated
assets comprising competencies, skills, and ingrained behavioral patterns reflective of cultural
values (Bourdieu, 1986). Damilola, Odunayo, Ashanti, Asantewaa, and Hatshepsut articulated a
predilection for the conventional post-secondary educational trajectory due to a paucity of
familial support for their entrepreneurial endeavors. Each participant expressed a requisite for, or
advocated for, four fundamental components conducive to empowering Black women
entrepreneurs: access to comprehensive and specialized business knowledge, mentoring
relationships, peer engagement, and financial resources. Odunayo stated, “reflecting on my

54
journey, I realized the importance of working with smart individuals whom I trust implicitly.
Without this, I would not have had the collaboration of intelligent and trustworthy individuals to
tackle complex problems effectively." Furthermore, the participants accented that venturing into
entrepreneurship illuminated their primary challenge, with a prevailing theme being the
imperative need for a foundational comprehension of organizational and operational facets
within the entrepreneurial landscape. When reflecting on the importance of having ideal
connections on the entrepreneurial journey, Nzinga, a HealthTech founder, commented,
[it puts] us at a bit of a disadvantage when a young woman walks into an investor room
and her lenses have been tainted by all of the other images that she’s been seeing so it’s
difficult for sure to enter that room and plead your case, without sounding like your
begging, for money and resources to be successful.
For some, a deficiency in knowledge concerning fundamental business principles, while for
others, it extended to a need for more industry-specific knowledge germane to their intended
business pursuits, and support during tumultuous periods. Nefertiti, the COO (co-founder) of a
RealTech company shared,
somebody told me one time that the job of an investor is to keep the founder from
quitting. That’s really funny. And I have had a few of those phone calls... you know 8:30
at night, really tired, and I’m feeling like I’m done. And they [VC backers] are like no,
no, no. No you’re not.
Ashanti, the Co-Founder of a MedTech company shared a similar sentiment about the
importance of support from venture partners in being successful,
so many people have dreams in New York City and not everybody is determined to get it.
They go halfway and then at some point they get afraid to go, or everybody puts it in

55
their mind that there are so many people in New York, maybe I should let go. But
honestly, I really feel that if you keep pushing, you keep believing in yourself, you keep
going there’s no way to stop you. The right investment partners never let you give up
unless there isn’t any viability in the business.
This resonates with extant research documenting the scarcity of business acumen among Black
entrepreneurs during the initial stages of business establishment. Aminatu, an EdTech CoFounder, shared the intangible aspects of having financial backing from individuals with a keen
understanding of the business and its outcomes. She remarked, “founders must align their
intentions with their desired outcomes, whether it's building a sustainable company or aiming for
a lucrative exit. Understanding personal goals and protecting one's interests are paramount,
especially when considering investor relationships and long-term business strategies.” Ashanti
notably accentuated this knowledge deficit by stating that steady employment has been the norm
throughout her family's history. Ashanti remarked,
Navigating the fundraising landscape requires discernment and thorough research. Not all
investors are the same, and selecting the right partners is essential for long-term success.
Founders should interview potential investors, evaluate their track record, and ensure
alignment with their company's vision and values. Regardless of how hard working my
Black parents were, they are not banks or VC firms; they are just hard workers. There is
nothing wrong with that and I am blessed to have them but, it does little for me as a
founder.
The importance of cultural capital for entrepreneurs resides in its efficacy in facilitating
navigation through the intricate terrain of business and entrepreneurship, affording access to
resources and influential connections conducive to societal progression.

56
Wealth mobility in the United States is a byproduct of economic affluence; White
individuals exhibit markedly advantageous attributes of cultural capital across various
dimensions, including stock ownership, resilience against bankruptcies, and educational
attainment, among others, compared to Black Americans (Herring & Henderson, 2016). The
pervasive racial wealth disparity does not primarily stem from cultural determinants; instead, it is
predominantly rooted in differentials of income levels, possession of stocks, and ownership of
enterprises. Herring and Henderson (2016) avered that prior research has tended to prioritize
cultural paradigms such as the prevalence of single-parent households and suboptimal financial
management as causal factors; however, these singularly cultural hypotheses fail to withstand
critical examination when juxtaposed with structural explanations. Aminatu’s insight into
aligning personal goals with business outcomes underscores the importance of strategic investor
relationships and long-term planning, acknowledging the prevalent knowledge deficit among
Black entrepreneurs and the need for discernment in navigating the fundraising landscape to
achieve sustainable success.
Findings Research Question 2
This section coalesces responses to Research Question 2, what sociodemographic factors
contribute to Black women’s ability to access and leverage social capital for entrepreneurial
endeavors in technology. The primary purpose of Research Question 2 is to investigate the
sociodemographic factors influencing Black women's capacity to access and employ social
capital in pursuing entrepreneurial activities within the technology sector. A pivotal theme from
this inquiry underscores the imperative of ameliorating the protracted detriments stemming from
the deficient access to social capital within Black communities.

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Theme 1: Deficient Access to Social Capital Within Black Communities
Intersecting discriminations rooted in gender and race impede the acquisition of social
capital by Black women. These barriers manifest in various aspects of life, including education,
employment, and resource access. As a result, Black women may face systemic obstacles in
building networks and relationships that contribute to their social capital. Furthermore, these
intersecting discriminations can exacerbate disparities in economic opportunities and social
mobility. Addressing these structural inequalities is essential to create a more equitable society
where all individuals, regardless of gender or race, have equal access to social capital and
opportunities for advancement. Odunayo asserted,
[I was] sitting with my daughter one evening, engrossed in a movie, I experienced a
moment of clarity. It dawned on me that every time I shifted blame onto someone else, I
relinquished control over my own life. It was a sobering realization of the power
dynamics at play in my own mindset and how my ancestor’s trauma was impacting me,
today. What happened to me and other Black founders up to that point was impactful and
consequential but, I would have to overcome in order to not be defined by my lack.
Capitalism in the United States historically has had detrimental effects on Black individuals and
the formation of social capital within their communities. These effects have been multifaceted,
ranging from economic exploitation to social marginalization and systemic oppression. Despite
these challenges, the cultivation of social capital within Black communities has served as a vital
means of resistance and resilience against entrenched inequalities. Through mutual support,
solidarity, and resource-sharing networks, Black individuals have forged pathways to collective
empowerment and community development. Recognizing the importance of social capital in

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mitigating the impact of systemic oppression underscores the importance of addressing historical
injustices and fostering inclusive economic and social policies. Hatshepsut exclaimed,
any Black founder sitting around waiting for the [United States] government to admit,
repent, and provide reparations for the lack of resources [social capital] caused by slavery
and oppression will never be successful! [The] uncomfortable truth [is] learning the art of
consistent presence and nurturing authentic connections with White people was
instrumental in my journey.
Further reflecting on the progression of her entrepreneurial journey, Hatshepsut shared,
[at the time] I was a Black woman with an innovative agricultural and technology based
idea; there was no social capital for me to leverage. Whether it was networking at events
where I wasn’t invited and a friend of a friend who was White was [and she accompanied
them to the event] or strategically putting myself into rooms where I wasn’t initially
invited but, I made room; each interaction was an opportunity to forge meaningful
relationships that would shape the success of my business. No one is going to apologize
to us [Black people in the United States] and no one is going to go out of their way for us
unless there is something in it for them.
Asantewaa, the founder of an EdTech platform aimed at integrating science, technology,
engineering, and mathematics (STEM) into communities of color, elucidated the historical
significance of social capital. Asantewaa asserted that a poignant illustration of structural racism
impeding social mobility among Black individuals is evident in the decimation of Black Wall
Street. The Tulsa, Oklahoma massacre, wherein a White mob burned 35 city blocks, resulting in
300 fatalities, stands as a stark example of how systemic oppression hinders intergenerational
progress and perpetuates poverty. Asantewaa remarked,

59
here [United States of America], we have witnessed the unthinkable: entire cities burned
to the ground, innocent lives lost, solely because of the color of their skin, all under the
approval of those in “power.” It is a reminder of the privilege some groups exhibit in
looking down upon Black people. We have endured unimaginable trials but persist,
seeking equality, not advantage. When the very institutions entrusted with dispensing
justice perpetuate injustice, it becomes increasingly challenging for Black communities,
particularly Black women, to access social capital. Despite the obstacles we, as Black
people, face, [Black people] will always endure and persist; our resiliency is our form of
social capital.
A unifying principle in social capital and cohesion is the inherent value within networks,
wherein established norms yield expectations of actions, such as cooperative exchanges or
reciprocity, advancing individual and collective objectives. Nzinga, reflected on the inception of
her technology business, recounting persistent challenges in garnering support. Notably, the
absence of a supportive community structure during the groundbreaking year of 2016 impeded
her revolutionary venture. She observes that a contemporaneous company, with a well-structured
mobile platform, a broader range of services, and features mirroring her startup, achieved quicker
notoriety and funding, illustrating the disparities in the reception of innovative enterprises within
the technology sector. Overall, the reflections on the historical significance of racially fueled
oppressive events like the Tulsa Massacre underscores how systemic racism impedes
intergenerational progress and perpetuates poverty among Black communities, necessitating
resilience as a form of social capital to endure injustices and persist in the pursuit of equality
despite institutional barriers.

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Findings Research Question 3
This section is dedicated to addressing Research Question 3. Quotations featured in this
section underwent slight modifications or paraphrasing to reinforce the protection of participants'
identities. In instances where participants diverged from the posed question, follow-up inquiries
were introduced to ensure clarity. The third research question, "what type of equitable access to
economic capital is available for Black women starting their business in the technology sector,"
systematically assesses the accessibility and acquisition of economic capital for Black female
technology entrepreneurs. This inquiry yielded two themes: the comprehension of securing
economic capital to underwrite the venture, and the adept utilization of capital to sustain the
venture's growth until the subsequent round of funding or attainment of profitability.
Theme 1: Comprehension of Securing Economic Capital to Underwrite the Venture
A need for more understanding of the intricate process of assembling a comprehensive
package for presentation to a venture capital firm or private equity group was evident concerning
the venture and its potential viability. As delineated in Research Question 1, the respondents had
not undergone formal education or training explaining the procedures involved in assembling the
requisite documentation for funding presentations. The lack of formal training includes locating
investors, persuading them to finance the business, and, subsequent to capital acquisition,
effectively utilizing it for business growth and profitability. Nandi stated,
the transition from a stable, conventional lifestyle to the unpredictable world of
entrepreneurship was a leap of faith, driven by arrogance of thinking I can accomplish
anything in this world and ignorance of how hard it would be! I started with a vision and
an unwavering determination; I embarked on a journey to build my business from the
ground up. Navigating the complexities of the business landscape was daunting, but I

61
took on each challenge with optimism and a determination to succeed and that propelled
me. I was determined not to fail…give up! I failed a lot but, I never gave up. Fortunately
for me, I kept pressing my way, and I crossed paths with the correct PE [private equity]
firm. They [PE firm] and a handful of other investors are responsible for getting to series
C funding.
Aminatu corroborated this by sharing that, as a Black woman and first-generation American,
various barriers, including an inherent fear of failure or appearing inept in front of others, are
encountered. Despite these challenges, Aminatu stressed the importance of embracing risks for
catalyzing change, asserting that failures, far from setbacks, serve as valuable lessons to inform
subsequent strategic decisions.
The acknowledgment was made that the journey to secure funding for a startup entail
confronting failures and adversities persistently until the desired objective is attained. Reflecting
on the first time she was rejected by an investor Nefertiti shared,
typically, if an investor meets with you more than once, there is a high likelihood they
will choose to invest, but I remember sitting through a grueling 65-minute meeting where
I thought the atmosphere was electric and they were with it. But the following day, I got
an email, not even a phone call, that they were passing. I was gutted! I made my mind up
that moving forward, I wouldn't put all my eggs in one basket, and I would be successful.
It's gave me more confidence that what I had is great, I just didn't have the right investor.
However, the tenacity and resilience demanded to navigate the intricate landscape of economic
capital acquisition remain elusive for most entrepreneurs and access to economic capital remains
a formidable challenge for Black female technology entrepreneurs. Metinko and Teare (2024)

62
revealed that Black entrepreneurs receive 2% of total VC funds annually, and Black women
entrepreneurs receive less than 1%.
Preceding 2021, 93 Black female founders secured $1 million in VC-backed funding
(ProjectDiane, 2021). Despite belonging to the demographic with the lowest VC funding, Sheba
has garnered notable attention from critical investors, attributing her success to her visionary
approach and the substantial impact of her endeavors. However, Sheba acknowledges the deficit
of resources allocated to training initiatives to acquire economic capital. While acknowledging
the value of discussions regarding systemic dynamics for aspiring entrepreneurs and investors,
Sheba exercises caution in exclusively associating her voice with race-focused funding topics.
She observes that many Black founders, herself included, often find representation in pitch
meetings is solely for diversity considerations, particularly when overcoming racial funding
gaps. Sheba posits that such tokenization detrimentally impacts the teams and businesses of these
founders, impeding broader discussions about their industries and societal impact.
In parallel, Nefertiti echoes Sheba's sentiments, elucidating the challenges of being
confined within the narrative of race-focused funding. Despite founding her company in 2017
and initially funding it through personal resources, Nefertiti successfully raised an additional $3
million from venture capital firms. Ranavalona, the CEO of a LegalTech venture aimed at
providing legal resources to the general public, identifies a concern with the exclusive focus on
race-based funding when addressing Black women entrepreneurs. With a mission to rectify the
nation's access to homeownership in urban areas, Ranavalona underscores the limitations
associated with insufficient economic capital, particularly in the context of fundraising
milestones. Ranavalona shared,

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I do not want to be considered for VC firms that are solely looking for people of color or
women. I want to be a candidate for the billions of dollars circulating in banks, VCs, and
PEs. I don’t want my business idea to be pigeon-holed and not considered because they
are considering people of color for a specific funding round. In other words, don’t put all
the women or all the Black people in consideration for a certain allocation of capital; my
idea deserves to be considered as a sound investment regardless of my visual identifiers.
For clarification, I don’t think that VCs do this consciously; I am sure they are wellintentioned, but I do wish that I could just be considered as a tech founder, not as a
woman, not as a Black woman, not as a Black person, just access to the same funding as
my White-male counterparts could be excellent.
Sheba and Ranavalona collectively advocate for a shift in focus away from fundingcentric initiatives, emphasizing the broader impact of minority founders and accentuating their
businesses' missions and societal contributions. They posit that such a recalibration is imperative
for nurturing equity, constructing robust support systems beyond founder communities, and
amplifying founders' success within and beyond the venture capital ecosystem. Despite the
challenges faced by Black female technology entrepreneurs in accessing economic capital,
Sheba's and Nefertiti's successes underscore the pivotal role of visionary approaches and
resourcefulness in securing funding. However, their narratives also shed light on the limitations
of race-focused funding discussions, with both entrepreneurs advocating for a broader focus on
business merit rather than solely race or gender considerations in accessing capital.
Theme 2: Adept Utilization of Capital to Sustain the Venture's Growth
Following the triumph over the hurdle of securing capital, numerous Black female
entrepreneurs confront a deficiency in the acumen necessary for preserving the acquired capital

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through subsequent business phases. The deficiency in acumen poses significant challenges for
Black female entrepreneurs as they navigate the complexities of managing finances, scaling their
ventures, and sustaining growth beyond the initial funding stage. Without adequate proficiency
in financial management and strategic decision-making, these entrepreneurs may encounter
obstacles in optimizing capital utilization, potentially impeding their ability to achieve long-term
success and viability. Moremi asserted,
when it comes to diving into the world of securing capital, it's absolutely crucial to grasp
the ins and outs of the market you're entering. We're talking about everything from
understanding the size of the market to its growth potential, who your competitors are,
and most importantly, who your target customers are. It's not just about having a great
idea; it's about showing investors that you've done your homework and identified a solid
market opportunity. Plus, this deep understanding of the market sets the stage for making
smart strategic decisions as your venture grows.
Similarly, Odunayo articulated the imperative of establishing a comprehensive business
model as a foundational pillar of entrepreneurial endeavors. Constructing and articulating a
transparent business model is essential in fostering entrepreneurial pursuits. Odunayo's assertion
underscores entrepreneurs' need to establish a coherent framework to guide their ventures
effectively. This emphasis on clarity in business modeling resonates with contemporary
entrepreneurial discourse, emphasizing proactive strategies for success. Odunayo stated,
at the core of any entrepreneurial journey lies the need to establish a rock-solid business
model. It's not just about having a vague idea; it's about crafting a clear and compelling
blueprint that showcases how your technology tackles real-world problems or fulfills
existing needs; there has to be a need for what you are offering! You've got to be able to

65
articulate how your solution works, how you're going to make money from it, and most
importantly, how scalable your venture is. Investors want to see that you've thought
through every aspect of your business model and that you're poised for growth.
The detrimental impact of insufficient financial literacy in entrepreneurial endeavors
underscores a critical lesson from her AgriTech sector experience. This insight illuminates the
challenges faced by entrepreneurs who lack the necessary financial knowledge to effectively
manage their businesses but also presents a pathway to success. Adequate financial literacy can
lead to informed decision-making regarding investment, budgeting, and resource allocation, thus
enhancing the overall viability and growth potential of ventures. Furthermore, Hatshepsut's
observation underscores the interconnected nature of financial literacy and entrepreneurial
success. With a solid understanding of financial principles, entrepreneurs can accurately assess
risks, identify opportunities for growth, and navigate financial markets. This can ultimately boost
their ability to secure funding, attract investors, and sustain long-term profitability. Additionally,
Hatshepsut's recognition of the consequences of inadequate financial literacy serves as a call to
action for policymakers, educators, and business leaders to prioritize financial education
initiatives. By equipping aspiring entrepreneurs with the necessary skills and knowledge, society
can foster a more robust ecosystem for innovation and economic development. She avered,
as an entrepreneur, I can't stress enough how vital it is to be well-versed in financial
matters. It's not just about having a brilliant idea; it's about knowing the numbers that
drive your business forward. That means having a deep understanding of key financial
metrics, being able to create precise financial projections, managing cash flow
effectively, and regularly assessing the financial health of your venture. Investors
scrutinize every detail of your financial projections, so it's crucial to demonstrate a

66
thorough grasp of the financial implications of your business. It's about showing them
that you're not just a visionary, but also a financially astute leader who can navigate the
financial landscape of your venture with confidence.
Ashanti and Idia stressed the importance of networking and cultivating relationships for
entrepreneurial success. They emphasized the significance of proactively fostering relationships
with potential investors, advocating for extensive networking within the investor community,
active participation in industry events, and leveraging existing networks to establish connections
with various funding sources, including angel investors and venture capitalists. Furthermore,
Nandi emphasized the critical role of proficient pitching skills in capital-raising. She reminisced
on the necessity of delivering a compelling and concise pitch, which serves as a pivotal tool for
effectively communicating the entrepreneurial vision, value proposition, market opportunity,
competitive advantage, and financial projections to potential investors in a persuasive manner.
This knowledge deficit traces its origins to systemic oppression and diminished net
worth, with lending practices and equity mechanisms emerging as predominant determinants
impeding Black entrepreneurs' access to business funding. Systemic oppression and prevailing
power imbalances precipitate discriminatory financial practices, thereby impeding growth,
particularly in the early stages of financing. The landscape of venture capital (VC) financing for
startup ecosystems manifests a notable bias favoring enterprises led by White males. A salient
contributor to this predicament is the conspicuous underrepresentation of Black-founded firms,
constituting less than 1% of U.S. venture capital-backed entities, with a commensurate
deficiency in Black representation within decision-making roles in VC companies (Applewhite,
2018). However, it is imperative to earmark a dedicated section to elucidate the gender bias

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disproportionately affecting African American women, who bear the brunt of discriminatory
practices.
The perpetuation of the cycle of wealth disparity is evident in the funding, or lack
thereof, extended to Black founders by banks and institutional investors, attributing this
phenomenon to the absence of assets that can be utilized as collateral. Consequently, when Black
founders secure funding, judicious decision-making becomes paramount in strategically
investing in the growth and development of their enterprises. Illustratively, Nandi shared her
hesitancy in fully committing to her venture upon entering into a partnership as co-CEO. Nandi
explained that, while recognizing the merit of their business concept and perceiving a supportive
environment, the duo encountered a substantial knowledge gap in navigating the trajectory from
conceptualization to initial public offering (IPO). This knowledge deficit extended to critical
aspects such as recruiting appropriate tech talent, establishing a marketing department, engaging
a growth strategist, and fulfilling various other pivotal roles essential to the successful growth
and scalability of a nascent startup. Nandi asserted, “even though I believed in my business idea
and felt supported, I faced a big challenge in bridging the gap from just having an idea to taking
the company public.” Obtaining financial backing from a private equity company or VC firm
constitutes merely one facet of the multifaceted requisites essential for sustaining a company;
equally integral are relationships, knowledge, and mentorship derived from individuals
possessing extensive experience in scaling a startup from its nascent stages through the
intricacies of an IPO. The knowledge deficit among Black entrepreneurs in crucial areas such as
financial literacy and strategic decision-making stems from systemic oppression and
discriminatory financial practices, contributing to the perpetuation of wealth disparity and
hindering access to business funding in the United States. Nandi's experience exemplifies the

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challenges in bridging the gap from ideation to IPO, emphasizing the multifaceted requisites for
sustaining a company beyond securing initial financial backing.
Summary of Findings
The synthesis of information from the research questions reveals a discernible
relationship between numerous systemic oppressive factors and the inadequate allocation of
capital to Black female technology entrepreneurs. This deficiency, in turn, directly influences
wealth mobility in the United States. Respondents universally acknowledged the imperative to
recognize systemic oppression as a barrier hindering access to capital. They emphasized the
requisite for tangible and intangible resources to advance the entrepreneurial pursuits of Black
female technology founders. Devoid of the aforementioned foundational resources and capital
allocation, the wealth gap in the United States is poised to persist and widen, particularly given
that Black women constitute the fastest-growing cohort of entrepreneurs in the nation (Kelley et
al., 2021). Fairlie et al. (2022) affirms that Black-owned startups receive a fraction of their White
counterparts' external equity. White-owned startups average $18,500 in outside equity at
founding, compared to a mere $500 for Black-owned startups. The wealth gap has been widening
since 1980, aligning with Picketty and Zucman's (2015) assertion that inequality endures as long
as the wealth concentration process remains intergenerational. To combat the lack of
intergenerational capital, the existence of aid must be accompanied by efforts to ensure its
discoverability. Larger organizations are urged to prioritize collaborations with diverse
businesses across various locations, as the absence of appropriate capital or support from larger
entities precipitates the failure of Black businesses beyond urban settings.
All participants agree that investors and venture capitalists should adopt a practice of
resource-sharing with those in need, serving as a sounding board and proactively dispensing vital

69
information to Black female entrepreneurs. Cultivating more Black individuals as angel investors
or initiators of venture capital firms is deemed crucial. The presence of investors of color is
anticipated to correlate with increased funding and a more expansive support network for
businesses of color (Dorsey, 2016). The research participants solidified that up-and-coming
Black female technology entrepreneurs must avail themselves of well-informed financial coaches
and peer networks, indispensable in navigating the stress of raising capital. These resources
contribute to a founder's financial preparedness by offering tools for assessing and addressing red
flags and mitigating the root causes of funding challenges. Further, the research participants
asserted that the venture capital community must consolidate its funding efforts rather than
exhibit sporadic initiatives. Sustained momentum in investing in diverse founders is anticipated
to usher in enduring social and economic change, resulting in the reduction of the racial wealth
gap, the augmentation of Black generational wealth, and an overall enhancement of the country's
gross domestic product.
Recommendations
Based on the provided information regarding the challenges Black female technology
entrepreneurs encounter in accessing economic, cultural, and social capital, this paper presents
five recommendations (Figure 2) to reduce the wealth gap in the United States by directing more
capital toward this demographic.
Figure 2
Recommendations

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Recommendation 1: Comprehensive Educational Programs
The initial step involves implementing comprehensive educational programs tailored
explicitly to address the multifaceted challenges Black female technology entrepreneurs face.
These programs should encompass financial literacy, business planning, pitching skills, market
analysis, and networking strategies. Equipping entrepreneurs with the necessary knowledge and
skills will better prepare them to secure funding and effectively manage their ventures,
increasing their likelihood of success. It is imperative to recognize that the advancement of Black
women does not solely hinge upon funding their businesses; rather, it should commence earlier
within the educational system. Addressing multi-faceted issues is crucial in fostering a more

71
equitable environment for Black female entrepreneurs. Factoring in the current rate of progress,
it is evident that systemic changes are required to achieve pay equity for Black women,
highlighting the urgency of addressing these disparities (Hegewisch & Mefferd, 2021).
Implementing comprehensive educational programs tailored to address the challenges faced
by Black female technology entrepreneurs can be approached using Kotter's 8-Step Change
Model (Kotter, 2007). First, creating urgency raises awareness about Black women's disparities
in the technology sector, emphasizing the need for immediate action in bridging the educational
gap surrounding securing capital for entrepreneurial endeavors. Next, forming a powerful
coalition brings together leaders and stakeholders committed to driving change, ensuring a
diverse representation from relevant departments. Pulling together tenured individuals from the
banking, VC, and PE sectors to actively train, develop, and mentor aspiring Black female
technology entrepreneurs will aid in the deficit of educational support available. Developing a
compelling vision and strategy for change involves articulating the educational programs' desired
outcomes and benefits and fostering alignment and commitment among stakeholders.
Communicating this vision effectively to all stakeholders ensures widespread understanding and
buy-in, utilizing various communication channels for clarity. Generating short-term wins through
quick-win initiatives or pilot programs demonstrates tangible progress toward supporting Black
female entrepreneurs, boosting morale, and maintaining momentum can be accomplished by
holding web-based seminars for aspiring entrepreneurs or launching cohorts of like-minded
founders with a mentor to help increase the likelihood of a successful venture. Consolidating
gains involves embedding the progress made through the educational programs into the
organizational culture and practices strengthening policies and systems that support diversity and
inclusion. Anchoring change in the culture reinforces the importance of supporting Black female

72
entrepreneurs through continuous communication, recognition, and integration of diversity and
inclusion principles into the organizational culture. By following Kotter's 8-Step Change Model,
the company can effectively navigate the process of implementing educational programs,
ultimately fostering a more inclusive and equitable environment in the tech industry.
Recommendation 2: Emphasis on Diverse Funding
An increased emphasis on diverse funding initiatives is paramount to closing the wealth
gap and supporting ventures led by Black female technology entrepreneurs. Establishing funding
initiatives explicitly targeting this demographic, such as dedicated venture capital funds, angel
investor networks, or grant programs, is essential. As a significant private capital class, the
venture capital industry plays a pivotal role in providing funding to nascent businesses with
innovative potential. However, historical inequities within this industry, characterized by the
underrepresentation of women and minorities, underscore the need for deliberate efforts to
diversify investment portfolios and general partnerships within venture capital firms (CalderWang & Gompers, 2021; McKinsey, 2023).
Implementing an increased emphasis on diverse funding initiatives to support ventures
led by Black female technology entrepreneurs requires a systematic approach. The first step
involves conducting comprehensive market research and analysis to gain insights into the current
funding opportunities available to this demographic. This approach entails identifying existing
funding gaps and disparities within the venture capital industry and other funding channels.
Subsequently, key stakeholders and potential partners must be identified, including
organizations, networks, and advocacy groups committed to promoting diversity and inclusion in
entrepreneurship and investment. Collaborating with these stakeholders is essential for

73
establishing dedicated funding initiatives explicitly targeting Black female entrepreneurs, such as
venture capital funds, angel investor networks, or grant programs.
The aforementioned initiatives should provide tailored financial support, mentorship, and
resources to address Black women's unique challenges in the technology sector. Defining clear
investment criteria and guidelines ensures transparency and inclusivity, outlining eligibility
requirements, investment focus areas, and evaluation criteria. Engaging directly with Black
female entrepreneurs is imperative to understand their funding needs and preferences, soliciting
feedback to inform the design and implementation of funding initiatives. Recruiting and training
diverse investment professionals to manage and oversee these initiatives is essential, prioritizing
representation from Black women and other underrepresented groups in decision-making roles.
Promoting awareness of the initiatives through targeted outreach and marketing efforts
encourages participation and engagement from Black female entrepreneurs and investor
networks. Finally, implementing robust monitoring and evaluation mechanisms is necessary to
assess the effectiveness and impact of the initiatives over time, utilizing data and feedback to
iterate and refine the initiatives continually. This strategic approach addresses historical
inequities within the venture capital industry and other funding channels, fostering diversity,
inclusion, and equitable access to capital for underrepresented founders.
Recommendation 3: Mentorship and Networking
Mentorship and networking opportunities are crucial for Black women to access capital
and bridge the wealth gap. Facilitating mentorship programs and networking events allows Black
female technology entrepreneurs to connect with experienced professionals, investors, and peers,
expanding their professional networks and accessing new opportunities for funding and
collaboration. Addressing biases and discrimination within lending practices and supporting

74
educational initiatives are also essential steps in reducing disparities in access to capital (Howell
et al., 2021).
Facilitating mentorship and networking opportunities for Black women to access capital
and bridge the wealth gap involves a deliberate and strategic approach. The first step is to
identify experienced professionals, investors, and industry leaders willing to mentor Black
female technology entrepreneurs while establishing partnerships with organizations and
networking groups focused on supporting underrepresented founders and promoting diversity
and inclusion in the technology sector. Once mentors and partners are identified, structured
mentorship programs tailored specifically for Black women entrepreneurs in the technology
sector must be designed with clear objectives, duration, and format, including one-on-one
mentoring, group sessions, and networking events. Recruits from diverse backgrounds and
experiences are sought as mentors, ensuring compatibility and alignment between mentors and
mentees. Resources, training, and support are provided to mentors to enhance their effectiveness,
while networking events tailored explicitly for Black female technology entrepreneurs are
organized to facilitate connections with investors, industry professionals, and peers. Policies and
practices are implemented to address biases and discrimination within lending practices and
investment decisions, supported by training and education initiatives aimed at promoting
inclusivity and equity.
Additionally, educational initiatives that provide Black women with the necessary
knowledge, skills, and resources to succeed in entrepreneurship and technology are supported
through partnerships with educational institutions, non-profit organizations, and community
groups. Evaluation mechanisms are then implemented to assess the effectiveness and impact of
mentorship and networking programs, gathering feedback from mentors, mentees, and

75
stakeholders to identify areas for improvement and iterate on the programs accordingly. This
strategic approach aims to provide Black female technology entrepreneurs with the support,
resources, and connections needed to succeed in the technology sector and beyond.
Recommendation 4: Institutional Support and Policy Changes
Advocating for institutional support and policy changes to address systemic barriers
faced by Black female technology entrepreneurs. Increasing the advocacy for Black female
technology entrepreneurs includes lobbying for increased diversity and inclusion initiatives
within venture capital firms, implementing anti-discrimination policies in lending practices, and
supporting legislation promoting equitable access to capital for underrepresented groups.
Collaboration between national and local philanthropies, governments, and tech entrepreneurship
support organizations is essential to inspire, incubate, and scale entrepreneurial ventures led by
Black women.
Implementing advocacy efforts for institutional support and policy changes to address
systemic barriers faced by Black female technology entrepreneurs involves a strategic and multifaceted approach. Drawing upon institutional theory (Furusten, 2023), which posits that
organizations are influenced by the broader institutional environment and are motivated to
conform to prevailing norms and expectations, the following step-by-step guide outlines how a
company can undertake this initiative. First, thorough research and analysis are conducted to
understand the systemic barriers Black female technology entrepreneurs face, including
disparities in access to capital, discrimination in lending practices, and underrepresentation in
venture capital firms. Second, clear advocacy goals are defined to address systemic barriers and
promote equitable access to capital for Black female entrepreneurs. Third, advocacy strategies
that leverage evidence-based research, coalition-building, and targeted outreach are developed to

76
influence policymakers and institutional decision-makers. Fourth, the company lobbies for
increased diversity and inclusion initiatives within venture capital firms, advocating for
establishing diversity goals, mentorship programs, and diverse hiring practices. Fifth, it
advocates for implementing anti-discrimination policies in lending practices to address biases
and barriers Black female entrepreneurs face in accessing capital. Sixth, the company supports
local, state, and federal legislative initiatives that promote equitable access to capital for
underrepresented groups, including Black female entrepreneurs.
Collaboration is the hallmark of the seventh step as it involves incorporating national and
local philanthropies, governments, and tech entrepreneurship to support various organizations
alignment with advocacy efforts and resources, engaging in collaborative initiatives to inspire,
incubate, and scale entrepreneurial ventures led by Black women. Eighth, the company raises
awareness about the importance of addressing systemic barriers faced by Black female
technology entrepreneurs through targeted advocacy campaigns, media outreach, and public
events while also mobilizing support from stakeholders, allies, and the broader community
through grassroots organizing, petitions, and public endorsements of advocacy goals and
initiatives. Finally, institutional theory monitors progress towards advocacy goals and objectives,
tracking legislative developments, policy changes, and industry initiatives related to diversity,
inclusion, and access to capital, and evaluates the impact of advocacy efforts by measuring
outcomes such as increased representation of Black female entrepreneurs in venture capital,
improvements in lending practices, and the enactment of supportive policies and legislation. This
strategic approach aims to create a more equitable and inclusive environment for
entrepreneurship and innovation, fostering economic empowerment and opportunity for Black
women in technology.

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Recommendation 5: Long-term Investment and Collaboration
Encouraging long-term investment and collaboration from larger organizations and the
venture capital community is critical for sustained support and resources for Black female-led
startups. Fostering partnerships between corporations, accelerators, and venture capital firms can
provide ongoing funding opportunities, leading to greater economic empowerment and
prosperity for Black female technology entrepreneurs (McKinsey & Co., 2019). Addressing the
challenges faced by Black female technology entrepreneurs in accessing capital requires a
multifaceted approach involving educational programs, diverse funding initiatives, mentorship
and networking opportunities, institutional support, and long-term investment and collaboration
efforts. Implementing these solutions is essential for closing the wealth gap and fostering
economic empowerment for Black women in the United States.
Drawing upon Resource Dependence Theory (Hillman et al., 2009), which posits that
organizations rely on external resources to thrive, the following step-by-step guide outlines how
a company can undertake this initiative actively. First, conduct comprehensive research and
analysis to understand the landscape of long-term investment and collaboration opportunities
available to Black female-led startups. Second, define clear objectives for fostering partnerships,
including goals related to access to funding, resources, mentorship, and networking opportunities
for Black female-led startups. Third, reach out to potential partners through targeted outreach
efforts, emphasizing the value proposition for both parties in supporting Black female-led
startups and promoting diversity and inclusion in entrepreneurship. Fourth, facilitate
collaboration between larger organizations, accelerators, and venture capital firms by providing
platforms and forums for networking and information sharing. Fifth, develop joint initiatives and
programs to provide ongoing funding opportunities, mentorship, and support for Black female-

78
led startups. Sixth, establish investment vehicles, such as dedicated venture capital funds or
corporate venture arms, focused on supporting Black female-led startups. Seventh, monitor
progress and evaluate the impact of partnership initiatives on the success and growth of Black
female-led startups, collecting data on key metrics to assess effectiveness. Last, iterate and
improve partnership initiatives based on feedback and evaluation findings, continuously seeking
opportunities to expand and strengthen partnerships to provide sustained support and resources
for Black female-led startups.
Recommendations for Future Research
Research in two key areas is imperative as it furnishes empirical evidence crucial for
informing the design and implementation of effective interventions to address the challenges
encountered by Black female technology entrepreneurs. Gaining insights into the efficacy of
educational and funding initiatives enables policymakers, educators, and stakeholders to
formulate targeted strategies for supporting and empowering Black women in the technology
entrepreneurship sector, fostering greater diversity, equity, and inclusion. Firstly, comprehensive
educational programs explicitly tailored to Black female technology entrepreneurs warrant
investigation to ascertain their impact. This line of inquiry could explore various facets,
including the effectiveness of distinct program components such as financial literacy, business
planning, and networking strategies in enhancing entrepreneurs' skills and knowledge.
Additionally, studies could probe the long-term outcomes of participating in such programs,
encompassing success rates in securing funding, venture management, and overall business
performance. Understanding the effectiveness of educational interventions can guide the
development of more targeted and impactful initiatives to bolster support for Black women in the
technology entrepreneurship sector, potentially playing a pivotal role in narrowing the wealth

79
gap. By equipping Black women with tailored education and skill development opportunities,
these programs can facilitate more effective navigation of the entrepreneurial landscape,
including securing funding and managing ventures. Consequently, enhanced access to quality
education and pertinent skill sets can lead to higher rates of entrepreneurial success, thereby
fostering wealth generation and economic empowerment within the Black community,
contributing to reducing the wealth gap through increased financial independence and wealth
accumulation opportunities among Black women.
Second, there is a need for further research to evaluate diverse funding initiatives
supporting ventures led by Black female technology entrepreneurs. This research endeavor could
assess the effectiveness and outcomes of various funding mechanisms such as dedicated venture
capital funds, angel investor networks, or grant programs targeting this demographic. Evaluating
factors like funding accessibility, success rates in securing investment, and subsequent business
growth and sustainability can offer valuable insights into the efficacy of these initiatives in
mitigating the wealth gap and promoting inclusivity in the entrepreneurial ecosystem.
Understanding the barriers and facilitators to funding access for Black women in technology
entrepreneurship can inform policy and practice to foster equitable capital access. Researching
the evaluation of diverse funding initiatives supporting ventures led by Black female technology
entrepreneurs is crucial to addressing the wealth gap comprehensively. By scrutinizing the
accessibility and efficacy of funding mechanisms like dedicated venture capital funds, angel
investor networks, or grant programs, researchers can identify barriers and opportunities for
enhancing capital access for Black women entrepreneurs. Improved access to funding can enable
Black women to establish and expand their businesses, thereby fostering wealth creation and
contributing to economic advancement within their communities. Furthermore, research findings

80
can enlighten policymakers and stakeholders about the significance of targeted funding
initiatives in addressing disparities in capital allocation, ultimately leading to a more equitable
distribution of wealth and opportunities.
Limitations and Delimitations
The research study's limitations are those characteristics of design or methodology that
impacted or influenced the interpretation of the findings from the research (Price & Murnan,
2004). The researchers postulated that study limitations are the constraints placed on the ability
to generalize from the findings, to describe further applications to practice or relate to the utility
of findings that are the result of how you initially chose to design the research study, or the
method used to establish internal and external validity or the result of unanticipated challenges
that emerged during the study. Several inherent limitations impinge upon the scope of this study,
particularly concerning the candidness exhibited by the participants.
Given that entrepreneurial endeavors exhibit a 50% attrition rate (Bureau of Labor and
Statistics, 2022) and the intricate challenges surrounding acquiring adequate capital, participants
may need more time to divulge their experiences of venture failures, potentially skewing the
findings. A further constraint lies in the deliberate omission of narratives from White male
technology entrepreneurs, who were intentionally excluded from sharing their experiences in
procuring capital for their entrepreneurial undertakings. This deliberate exclusion precludes a
comparative analysis that could have furnished valuable insights and perspectives, thereby
impinging upon the comprehensive nature of the research study. My susceptibility to bias and
researcher positionality also constitutes a noteworthy limitation, as the researcher maintains close
affiliations with the venture capital domain. To mitigate these limitations, scrupulous measures

81
were undertaken, encompassing the explicit acknowledgment and mitigation of these biases
within the interview protocol and the discerning selection of participants.
Delimitations refer to those characteristics that limit the scope and define the conceptual
boundaries of your research (Samraj, 2002). Further, this researcher argued that your conscious
exclusionary and inclusionary decisions about investigating the research problem are determined.
Intrinsically, the delimitations instituted by adopting narrative inquiry as the data collection
methodology also warrant consideration.
Using narrative inquiry introduces a methodological constraint by entrusting participants
with significant agency in shaping the narrative discourse. While this approach minimizes
researcher-induced bias and preconceived influence, it could inadvertently result in a dearth of
explicit guidance, potentially impacting the depth of exploration and analysis. However,
amalgamating these limitations and deliberate delimitations gives rise to a research study
characterized by credibility and trustworthiness. Recognizing and proactively managing these
constraints contribute to the methodological transparency and robustness of the study, thus
enhancing the integrity of the findings and interpretations.
Conclusion
Over four centuries of internal discord in the United States have culminated into a
gradual economic implosion partially fueled from socioeconomic injustice focused on the
suppression of people of color, particularly Black women. This suppression impedes efforts to
promote and elevate Black female technology entrepreneurs, who could substantially contribute
to narrowing the wealth chasm in the United States and helping to fuel the U.S.’s efforts to
maintain its status as a global economic superpower. Projections indicate that by 2043, the
majority of the U.S. population will comprise people of color, coinciding with a doubling of the

82
wealth gap, from an average of approximately $500,000 in 2013 to exceeding $1 million
(Davidson, 2016). This trajectory portends increased financial distress among families in the
United States, posing significant challenges to overall economic growth. Notwithstanding their
rapid entrepreneurial growth, the persistent underrepresentation of Black women in the U.S.
technology sector underscores a pressing concern requiring immediate attention. The scant
presence of flourishing Black female entrepreneurs in the technology domain stymies their
economic progression and stifles the sector's overarching potential for innovation and expansion.
Given the intricate interconnection between the technology sector's growth and wealth mobility
in the United States, addressing the barriers impeding Black women's full engagement in this
sphere is imperative. To effectively confront these challenges, concerted efforts are critical to
dismantle the barriers obstructing Black female entrepreneurs' access to economic, social, and
cultural capital. By fostering equitable access to these resources, financial institutions can
empower Black women to establish and spearhead flourishing technology ventures, thereby
enhancing their wealth mobility and fostering a more inclusive and dynamic technology
landscape. Moving forward, policymakers, industry leaders, and communities must collaborate
to implement targeted initiatives that furnish Black female entrepreneurs with requisite support,
resources, and opportunities for success in the technology sphere. The United States and its
funding entities can only realize the full potential of Black female entrepreneurship and cultivate
a more equitable and vibrant technology ecosystem through a stark pivot towards proactive and
inclusive measures.

83
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Appendix A: Definitions
This study focuses on several key terms sourced from Zaheer et al. (2022), which are
relevant to its scope. These terms are listed below:
Board of Directors
Comprising mentors, advisors, and connectors, they aid founders in making informed
decisions, particularly in areas like hiring, partnerships, business development, and fundraising.
Founder
Individuals who establish startups, taking action to execute their ideas regardless of the
immediate impact or progress.
Pitch Deck
A concise presentation highlighting essential aspects of a startup, such as the team,
product, market, traction, and plan, used for investor meetings.
Revenue
Total income generated before deducting expenses.
Scaling
The ability of a startup to grow unhindered, facilitated by capital, planning, efficient
systems, partnerships, technology, and processes, often occurring after achieving Product-Market
Fit.
Seed Round
Funding received after an angel round, indicating a viable business model with existing
customers.

99
Series A, B, C
Stages of funding typically associated with startups reaching product/market fit and
scaling towards acquisition or IPO.
Venture Capital
Investors who specialize in funding startups with demonstrated traction, aiming to
accelerate their growth towards predefined goals.

100
Appendix B: Protocols
Table B1
Interview Protocol
Interview Questions Potential Probes Question Type
Can you share your
background and what inspired
you to become a technology
entrepreneur?
What was the first tech-related
project or idea that you pursued,
and how did it turn out?; Could you
tell us about your current
technology venture and its mission?
Experience/knowledge
Can you describe the unique
challenges you've faced as a
Black female in the tech
industry?
N/A Experience/knowledge/
opinion
How have your experiences
and identity influenced your
approach to entrepreneurship?
Can you share some insights into
the impact of intersectionality in the
tech industry?
Experience/opinion
What strategies have you
employed to secure funding
for your tech startup?
N/A Experience/knowledge
What were the first steps you
took when seeking funding
for your business, and how
did you identify potential
investors?
Have you faced any unique
challenges or biases while seeking
funding, and how did you address
them?
Experience/knowledge/
opinion
What types of funding have
you pursued for your startup
(e.g., angel investors, venture
capital, grants), and why did
you choose those avenues?
Can you share some key lessons or
challenges you've encountered
while pitching to investors?; What
resources or organizations have
been particularly helpful in your
fundraising journey?; Can you
discuss any strategies you've used to
bootstrap or fund your business
before securing external funding?
Experience/knowledge/
opinion

101
Interview Questions Potential Probes Question Type
What role do mentorship and
networking play in your
entrepreneurial journey?
Can you share a story about a
significant setback you've
encountered and how you overcame
it?
Opinion
What role do familial
relationships play in your
entrepreneurial journey?
How do you balance the need for
funding with maintaining control
and vision for your tech startup?;
How do you see the relationship
between technology and social
justice evolving in the coming
years?
Opinion
How do you handle imposter
syndrome or self-doubt in
your entrepreneurial journey?
What experiences shaped the
feeling of imposter syndrome?
Opinion
How do you envision your
legacy in the tech industry?
N/A Opinion
What advice would you give
to aspiring Black female tech
entrepreneurs looking to start
their own businesses?
N/A Opinion

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Core Title Capital allocation to Black female technology entrepreneurs

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Degree Doctor of Education

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Degree Conferral Date 2024-05

Publication Date 05/07/2024

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