Close
About
FAQ
Home
Collections
Login
USC Login
Register
0
Selected
Invert selection
Deselect all
Deselect all
Click here to refresh results
Click here to refresh results
USC
/
Digital Library
/
University of Southern California Dissertations and Theses
/
Black female entrepreneurs and their journey to raising capital
(USC Thesis Other)
Black female entrepreneurs and their journey to raising capital
PDF
Download
Share
Open document
Flip pages
Contact Us
Contact Us
Copy asset link
Request this asset
Transcript (if available)
Content
Black Female Entrepreneurs and Their Journey to Raising Capital
Amber L. Wright
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 2023
© Copyright by Amber L. Wright 2023
All Rights Reserved
The Committee for Amber L. Wright certifies the approval of this Dissertation
Briana Hinga
Jennifer Phillips
Wayne Combs, Committee Chair
Rossier School of Education
University of Southern California
2023
iv
Abstract
The purpose of this qualitative study was to explore and understand the experiences of Black
female entrepreneurs who have successfully raised capital from investors. The study was guided
through the conceptual framework of gap analysis, or knowledge, motivation, and organization
framework developed by Clark and Estes. With venture capitalism framed as a field of practice,
the study examined what the knowledge, motivation, and organizational influences were on
BFEs’ perceived ability to raise capital and how they navigate the field to do so. The study’s
relevance is rooted in the accelerated rate by which Black women are starting businesses
compared to their counterparts, but lag behind them in their ability to raise the startup capital
required to sustain that growth. Key findings of the study indicated that the participants (a) had
minimal knowledge about the decision-making process of VCs before pitching to raise capital,
(b) are motivated to pursue raising venture capital due to financial constraints and the limitations
of bootstrapping, (c) they are confident in their ability to pitch investors and raise capital, and (d)
there is a perception of little value placed on diversity and inclusion within the VC industry.
v
Dedication
To Natalie and Naomi, I dedicate this work to you. You both inspire and challenge me to be a
better human. I will always be here to support you in your dreams and goals, just as you have
done for me. Being your mom is one of the greatest joys of my life, and I love you more than
you will ever know!
vi
Acknowledgements
To Mohammed, thank you for not only encouraging me to fly but for being the wind
beneath my wings. The beautiful life we have built together is a gift to my soul. I love you.
To my village of immediate family and close friends, thank you for your unwavering
support for everything I do. All of my big ideas and lofty plans never seem like too much, and
you are always there to remind me that I can do anything I put my mind to. Every encouraging
call, text, or whispered prayer with my name in it has not gone unnoticed, and I am eternally
grateful to you all.
Congratulations to all of my friends in Cohort 18. Special thanks to Michelle, Jessica,
Monica, Daniel, Trissi, and Stanley. You all are rock stars, and I could not have completed this
journey without you! I pray our friendships endure for a lifetime.
Thank you to my chair, Dr. Combs, for your guidance and thoughtfulness throughout this
process. Thank you to my committee members, Dr. Hinga and Dr. Phillips, for your support.
Thank you to all of the OCL faculty I had classes with throughout the program, who welcomed
and answered all of many questions with grace and patience!
Special thanks to the eight women I had the privilege of interviewing for this study. I
commend and celebrate you all on your journeys as entrepreneurs and am incredibly grateful that
you took the time to share your stories with me.
vii
Table of Contents
Abstract .......................................................................................................................................... iv
Dedication ........................................................................................................................................v
Acknowledgements ........................................................................................................................ vi
List of Tables ...................................................................................................................................x
List of Figures ................................................................................................................................ xi
Context and Background of the Problem .............................................................................1
Purpose of the Project and Research Questions ...................................................................2
Importance of the Study .......................................................................................................2
Stakeholder Group of Focus and Global Stakeholder Goal .................................................3
Overview of Theoretical Framework and Methodology .....................................................4
Literature Review.................................................................................................................5
Entrepreneurship ..................................................................................................... 6
Intersectionality..................................................................................................... 11
Venture Capitalism ............................................................................................... 13
Summary ............................................................................................................................16
Stakeholder Knowledge, Motivation, and Organizational Influences ...............................17
Knowledge ............................................................................................................ 17
Motivation ............................................................................................................. 21
Organizational Influences: Cultural Models ......................................................... 24
Conceptual Framework ......................................................................................................26
Methodology ......................................................................................................................28
Research Setting.................................................................................................................30
The Researcher...................................................................................................................30
Data Collection: Interviews ...............................................................................................31
viii
Reflection Prompt ................................................................................................. 31
Participants ............................................................................................................ 32
Instrumentation ..................................................................................................... 33
Data Collection Procedures................................................................................................34
Data Analysis .....................................................................................................................34
Validity and Reliability ......................................................................................................35
Summary ............................................................................................................................35
Findings..............................................................................................................................36
Participating Stakeholders .................................................................................................36
Knowledge Influences .......................................................................................................39
VC Decision-Making (Factual Knowledge) ......................................................... 39
Pitching to Investors (Procedural Knowledge) ..................................................... 41
Strategic Knowledge (Metacognitive Knowledge) ............................................... 42
Motivation Influences ........................................................................................................44
Expectancy Value Theory ..................................................................................... 44
Self-Efficacy in Raising Capital ........................................................................... 46
Self-Efficacy in Pitching Effectively .................................................................... 47
Organization Influences .....................................................................................................49
Diversity and Inclusion ......................................................................................... 49
Identity and Decision-Making .............................................................................. 50
Decision-Makers Being Open to Change ............................................................. 52
Reflection Prompt ..............................................................................................................54
Summary ............................................................................................................................54
Recommendations for Practice ..........................................................................................56
Increase BFE Access to VC Networks ................................................................. 56
ix
Increased Financial Support Before Raising Venture Capital .............................. 58
Increase the Value Placed on Diversity and Inclusion.......................................... 59
Limitations and Delimitations............................................................................................60
Recommendations for Future Research .............................................................................61
Conclusion .........................................................................................................................62
References ......................................................................................................................................64
Appendix A: KMO Interview Question Crosswalk .......................................................................76
Appendix B: Interview Protocol ....................................................................................................78
Starting the Interview .........................................................................................................79
Conclusion to the Interview ...............................................................................................80
Appendix C: Personal Document/Reflection Prompt Email Request............................................81
Appendix D: Recruitment Email to Potential Participants ............................................................82
Appendix E: Informed Consent Form............................................................................................83
x
List of Tables
Table 1: Knowledge, Motivation, and Organizational Influences on Black Female
Entrepreneurs’ Journey to Raising Capital ................................................................................... 26
Figure 1: Access to Capital for Black Female Entrepreneurs Conceptual Framework ................ 28
Table 2: Data Sources ................................................................................................................... 29
Table 3: Participant Overview and Business Demographics ........................................................ 37
Appendix A: KMO Interview Question Crosswalk ...................................................................... 76
xi
List of Figures
Figure 1: Access to Capital for Black Female Entrepreneurs Conceptual Framework ................ 28
1
Black Female Entrepreneurs and Their Journey to Raising Capital
Black women represent one of the fastest-growing groups of entrepreneurs in the United
States, yet their ability to raise capital to grow and scale their ventures continually lags behind
the success rates of their counterparts (American Express, 2018). In their quantitative analysis of
data provided by the U.S. Census Bureau, Fairlie and Robb (2007) found that Black-owned firms
have less startup capital than White-owned firms, and this variance is associated with business
success for both groups. In a study of over 300 Black and Latinx female founders, 83% of whom
self-identified as Black, 77% of respondents named limited access to funds or investments as a
barrier to their business growth (Project Diane, 2020).
This study addressed how Black female entrepreneurs (BFEs) perceive their ability to
raise venture capital. In 2018, the number of BFEs who have raised over $1 million in funding
was 34, and by 2020, that number increased to 93 (Project Diane, 2020). While this is a sign of
growth, within the greater context of total funds raised, BFEs raised only 0.0006% of the $424.7
billion raised in tech venture funding since 2009 (Project Diane, 2018). Additionally, Bates and
Robb (2014) found that greater capital availability facilitates increased viability and endurance of
small businesses in the minority community market segment. This data highlights that limited
access to resources that allow for them to scale is a common and critical challenge faced by
female entrepreneurs (Brush et al., 2009).
Context and Background of the Problem
Historical factors that hinder the success of Black-owned businesses in America include
the lack of wealth, lack of intergenerational business inheritance, and the ability to obtain a loan
(Fairlie & Robb, 2008). Specifically, limited access to startup capital is named as a significant
contributor to the lag female-owned businesses experience behind male-owned businesses. For
2
Black women, race and gender magnify the challenges they face in their entrepreneurial pursuits.
This group, who make up 20% of all women-owned businesses and see annual growth rates of
9%, start businesses at high rates out of necessity and for survival due in part to high
unemployment rates and racial pay gaps (American Express, 2018). A contemporary exploration
of how BFEs can obtain adequate funding and resources to support their business goals and
subsequent survival is a timely and pertinent call for research.
Purpose of the Project and Research Questions
The purpose of this study was to explore and understand the experiences of BFEs who
have successfully raised capital from investors. With venture capitalism (VC) framed as a field
of practice, the study examined the knowledge, motivation, and organizational influences on
BFEs’ perceived ability to raise capital and how they navigate the field to do so. My intention
was to collect qualitative data that can serve as a roadmap for future BFEs who decide to pursue
venture capital as a growth strategy. To create that roadmap, the study was informed by the gap
analysis, or knowledge, motivation, organization (KMO) framework, developed by Clark and
Estes (2008). The following research questions were posed to design and guide this study:
1. What knowledge do Black female entrepreneurs have about raising venture capital?
2. What factors motivate Black female entrepreneurs to raise venture capital?
3. How do Black female entrepreneurs navigate the field of the venture capital industry?
Importance of the Study
The low percentage of BFEs that are able to successfully raise capital from venture
capitalists was the driving force behind this study. This topic is important to address for two key
reasons. First, on a broader level, entrepreneurship among Black Americans has been on the rise
in recent years and continues to climb. Data from the U.S. Census Bureau’s (2016) Survey of
3
Business Owners showed an increase of 34.5%, from 1.9 million to 2.6 million in Black-owned
firms. Despite increases such as these, however, Black-owned businesses have not experienced
the same forms of success as White business owners (Fairlie & Robb, 2007). This study sought
to understand, from the lens of BFEs as the primary stakeholders, what factors are contributing
to this disparity and explore how equity can be achieved in this regard for minority business
owners (Reuben & Queen, 2015).
Second, among the aforementioned increase in Black American entrepreneurship, Black
women are starting businesses at a faster rate than all of their counterparts (American Express,
2018). But with Black founders only receiving 1% of funding from venture capitalists, the
sustainability of that growth is threatened (Sherry, 2015). Research has found that survival rates
of businesses depend, in part, on the age and size of the venture, and with women- and minority-
owned firms typically being smaller than those owned by White men, this puts BFEs at a
disadvantage (Robb, 2002). The consequence of not examining this problem can result in fewer
BFE-led ventures surviving in the marketplace, which can have economic repercussions, as
entrepreneurship is tied to the economic stimulation and growth within communities (Reuben &
Queen, 2015).
Stakeholder Group of Focus and Global Stakeholder Goal
The stakeholder group of focus for this study was BFEs who own and operate a business
in the continental United States and have pitched investors for capital to fund their ventures. This
stakeholder group was chosen because it is their specific experiences that are best suited for
understanding the phenomenon of interest (Creswell & Creswell, 2018; Merriam & Tisdell,
2016). The stakeholder goal is to inform the field with recommendations that may best support
an increase in the number of BFEs who are successful at raising capital. While the study also
4
sought to add to the literature about the experiences of BFEs within this field of practice, at its
core, the goal of the study was to provide insights from Black women to other Black women that
can help them on their journeys to raising capital.
Overview of Theoretical Framework and Methodology
The theoretical framework employed for this study was the gap analysis, or KMO
framework, developed by Clark and Estes (2008). This framework is designed to help
organizations diagnose and close performance gaps as a measure to maintain a competitive
advantage in the ever-evolving new world economy. The authors identify knowledge and skills,
motivation, and organizational barriers as the primary causes for performance gaps and the key
elements that inform how a gap analysis should be conducted. Knowledge and skills assist in
determining if people know how to achieve performance goals. Motivation addresses what
happens internally and psychologically that drives people to achieve performance goals. This
internal process is broken down further into three aspects: choosing to pursue a goal, persisting at
it until it is achieved, and the mental effort required to complete it. Organizational barriers refer
to things such as missing tools and procedures, or faulty processes, that can hinder organizational
performance and goal achievement (Clark & Estes, 2008).
The KMO framework was appropriate for this study because it centers BFEs as the
primary stakeholder group that exists in the field of VC, which in this context, serves as the
organization. Because the study focused on a field of practice and not a singular organization, a
formal gap analysis was not the result of this study. Instead, through each of the three aspects of
knowledge, motivation, and organization, the problem and solution can be viewed from a
wholistic standpoint (Clark & Estes, 2008). The knowledge and skills component of KMO
allows for an assessment of what knowledge BFEs possess and need to successfully obtain
5
capital. The motivation component addresses what motivates this group to pursue venture capital
and how efficacious they perceive themselves to be in accomplishing that goal. Lastly, the
framework allows for an examination of what types of organizational barriers exist that may
hinder BFEs from obtaining funding that are beyond their control. A qualitative approach is the
methodology for this study, as this framework highlights the lived experiences of BFEs and
examines how they make meaning out of the experience of raising venture capital (Creswell &
Creswell, 2018).
Literature Review
The U.S. economy is comprised of more than 6 million establishments with paid
employees (Haltiwanger et al., 2009). For the 25-year period between 1980 - 2005, the majority
of new job creation in the United States was attributed to entrepreneurs and the business startups
they run. This is a topic worthy of study because entrepreneurs make valuable contributions to
society, primarily through job creation, which is tied to governmental policymaking that affects
society at large (Dennis, 2011).
This literature review explores the factors surrounding the problem of the low percentage
of BFEs who successfully obtain funding from venture capitalists. It begins with a foundational
look at entrepreneurship and how it is defined. The subsequent subjects are narrowed down into
the ties between entrepreneurship and women, Black Americans, and Black women, followed by
a review of the current state of VC. This section concludes with an application of the knowledge,
motivation, and organizational influences of the KMO gap analysis framework to the problem of
practice.
6
Entrepreneurship
The field of entrepreneurship is vast, and an attempt to define it yields a variety of
interpretations. Shane and Venkataraman (2000) posited that as a field of academic study,
entrepreneurship lacks a conceptual framework due in part to the myriad definitions of what it
means. A basic search in the dictionary results in the return to the base word of entrepreneur,
which is defined as “one who organizes, manages, and assumes the risks of a business or
enterprise” (Merriam-Webster, n.d.). Aulet and Murray (2013) separated entrepreneurship into
two types: innovation-driven enterprises and small and medium enterprises. The former are
businesses that focus on innovation as a means to gain a competitive advantage and high-growth
potential on a global level, such as Google, iTunes, and Netflix, while the latter serves local
markets with traditional business ideas. With contributions from multiple disciplines, including
economics, business, management, psychology, and sociology, the lack of definitional clarity of
entrepreneurship leaves room for even more perspectives to be added (Prince et al., 2021).
As the attempts to define entrepreneurship continue, it is important to ensure the
perspectives of marginalized groups, such as Black women, are not left out of the conversation,
which is part of the intention of this study. Entrepreneurship is enacted in as many ways as it is
defined (Prince et al., 2021), and this study seeks to add to the literature an understanding of how
and where BFEs and the success of their business ventures fit into the landscape of this field of
practice and study.
Success Factors for Entrepreneurs
The concept of entrepreneurial success is framed as a construct with quantitative and
qualitative dimensions associated with the entrepreneur and the business (Cabrera & Mauricio,
2017). Common factors that contribute to the success of entrepreneurs are access to human,
7
social, and financial capital (Juma & Sequeira, 2017). Baron (2000) argued that entrepreneurial
success should be studied from a psychological standpoint that includes cognitive and social
factors. The authors surveyed several hundred entrepreneurs in differing industries and identified
a four-factor structure that applied to the data. The four factors of social perception, impression
management, persuasiveness, and social adaptability were described as the key components that
have an impact on the financial success of entrepreneurs (Baron, 2000).
A review and analysis of the literature from 2000 to 2017 by Guerrero et al. (2021) found
that for entrepreneurs in developed economies, environmental conditions with the greatest
impact on their success include professional support, incubators or accelerators, networking with
multiple agents, and research and development investments. Venture performance hinges on
multiple factors, and more scholarly research on the venture performance of firms owned by
BFEs is imperative, as this group’s success has profound economic impacts on the national
economy (Juma & Sequeira, 2017).
Gender and Entrepreneurship
In a review of 81 research articles on the subject of women’s entrepreneurship, Ahl
(2006) concluded that female entrepreneurs are commonly studied from a place of subordination
to men, and this has shaped the discourse on this subject. Wheadon and Duval-Couetil (2019)
found in their literature review of research on gender and entrepreneurship in technology that
there is a sense of tokenism present when women and entrepreneurship are studied together. The
authors suggest that the ways in which gender inequalities and the disparity in women’s
participation in entrepreneurship compared to men are examined are insufficient. Citing Jones
(2012), Wheadon and Duval-Couetil asserted that the stereotypes of men being deemed as
8
natural and successful entrepreneurs contribute to lower participation rates among women in
entrepreneurship, especially in the technology field.
To encourage an approach that centers women and their experiences as entrepreneurs, as
opposed to solely viewing them in comparison to men, Brush et al. (2009) developed a “5M”
framework. The previously established framework this one builds upon named markets, money,
and management as requirements for the launch and growth of ventures (Bates et al., 2007). The
authors added the components of motherhood and a meso/macro environment to allow for
broader considerations, such as the household and family environment and society and cultural
norms, as a lens to study women’s entrepreneurship (Brush et al., 2009). It is important to
explore women’s entrepreneurship to establish an understanding of what is happening in the field
at a broad level in an effort to contextualize and understand the experiences of BFEs.
Women and Entrepreneurship
A woman-owned business is defined as one owned by a female who holds more than
50% of the stock or equity in the business. In 2017, the Bureau reported that nearly 12 million
women-owned businesses made up 37.6% of all businesses in the United States; and according
to their Annual Business Survey, there was an increase of 0.6% in women-owned employer firms
between 2017 to 2018 (U.S. Census Bureau, 2021). At 82%, the majority of those firms were led
by White women in the Health Care and Social Assistance sector (U.S. Census Bureau, 2021).
According to the State of Women-Owned Businesses Report compiled by American Express
(2018), the number of women-owned businesses rose 21% between 2014 and 2019. These
upward trends are encouraging, as female entrepreneurship is a catalyst for growth, employment,
and wealth creation in all economies (Brush et al., 2006; Cabrera & Mauricio, 2017).
9
Women make the decision to become entrepreneurs for a variety of reasons. Research has
categorized those reasons as push and pull factors. According to Dawson and Henley (2012),
push factors are external and often borne of necessity, e.g., low family income, inability to find
work, or low job satisfaction. Pull factors are internal factors such as the desire for independence,
wealth, social status, power, autonomy, and perceived self-efficacy (Dawson & Henley, 2012;
Ducheneaut & Orhan, 1997). In a qualitative study examining the reasons why women become
entrepreneurs, Orhan and Scott (2001) identified additional push and pull factors among 25
French female entrepreneurs. These factors included taking over the family business or being
acclimated to entrepreneurship through members of their networks and role models that inspired
them to pursue running their own firms (Orhan & Scott, 2001). There is often a combination of
pull and push factors that draw women into entrepreneurship, such as a desire for autonomy
(pull) and a career choice that allows for a balance of work and home life (push; Dawson &
Henley, 2012). This provides a glimpse into the gendered view of entrepreneurship, with the
unescapable comparisons that are often made between male and female entrepreneurs.
Black Entrepreneurship
Historical, cultural, and psychological contexts are frequently used within the literature to
frame, study, and document the experiences of Black American entrepreneurs (Jones, 2017).
According to data released by the U.S. Census Bureau (2022), 18% of American businesses with
paid employees are owned by minority groups, with African Americans owning roughly 134,567
of those businesses. A central theme to how Black entrepreneurship is discussed is often tied to
an examination of the disparities that exist between this group and their counterparts, particularly
when it comes to the accumulation of financial, human, and social capital. Despite recent
increases in the presence and performance of Black-owned businesses, especially among Black
10
women (American Express, 2019), they still are not performing as well as their nonminority
counterparts in certain areas. When it comes to startup capital, for example, 8.1% of Black
businesses required at least $25,000 in startup capital, compared to 15.7% of White-owned
businesses (Fairlie & Robb, 2007).
In their analysis of research on the capital constraints faced by Black entrepreneurs,
Reuben and Queen (2015) found that Blacks suffer adversely from unequal access to capital
markets. The authors suggest that an increase in employer firms owned and operated by Black
Americans in key, revenue-generating industries is a pathway to seeing growth. According to
Fairlie and Robb (2007), Black-owned businesses are less successful than those owned by
Whites for reasons related to less family experience in business, less education, and startup
capital. This conclusion was derived from the authors’ analysis of data compiled by the Bureau
of the Census in its characteristics of business owner survey. The data revealed that lower levels
of startup capital for Black-owned firms are linked to business success, and overall, they have
lower profits and sales, hire fewer employees, and are more likely to close than White-owned
firms (Fairlie & Robb, 2007).
Much of what has been written on this subject seeks to answer the question of why Black
entrepreneurs do not fare as well as their counterparts and to identify the obstacles that impair
their growth. Gold (2016) suggested critical race theory (CRT) as a north star for understanding
why Black Americans are limited in their economic and entrepreneurial endeavors. Critical race
theory is a movement that was first grounded in exploring how the law interacted with issues of
race, racism, and power (Delgado & Stefancic, 2001). According to Delgado and Stefancic
(2001), the five main components of CRT are that racism is a normal part of American society,
racism serves the interests of elite and working-class Whites, race is a social construct, no
11
individual has one single identity, and voice or storytelling can allow people of color to
communicate what Whites are unlikely to know. Using CRT as a lens to view Black
entrepreneurship, Gold (2016) argued that improvement rates in Black businesses are contingent
upon an acknowledgment of the pervasiveness of racism in the structures and systems that define
American society.
Intersectionality
The concept of intersectionality was introduced by Dr. Kimberlé Crenshaw in 1989 in her
paper entitled, Demarginalizing the Intersection of Race and Sex: A Black Feminist Critique of
Antidiscrimination Doctrine. As a theoretical framework, intersectionality suggests that race and
gender cannot be viewed separately when exploring issues pertaining to Black women. To do so
contributes to the erasure of their lived experiences and identities because they cannot choose
one construct over the other (Crenshaw, 1989). Considering the premise of intersectionality, race
and gender must not be ignored when exploring the experiences of Black women and how their
identities shape the way they operate their businesses.
A study employing a Q methodology, which is a research approach that examines the
subjectivity or viewpoint of the participants, found that how leadership is perceived among
women of color from a variety of professions varies between Black women and other minority
groups (McKeown & Thomas, 2013; Sales et al., 2020). In the context of entrepreneurship, their
unique cultural and personal perspectives, in addition to socio-economic conditions, influence
their business motives, performance, and behavior (Juma & Sequeira, 2017). For example,
according to Robb and Fairlie (2010), female-led businesses are less likely to hire employees
than male-owned businesses. Black women, however, see providing opportunities for others to
advance as a responsibility in their careers (Sales et al., 2020). Understanding this approach to
12
leadership in the context of entrepreneurship can be valuable in examining such things as the
ways in which BFEs develop human capital, build their teams, and pursue financial capital.
Black Women and Entrepreneurship
Between 2007 and 2018, Black women started businesses at a faster rate than any other
minority group of women, with 541 new businesses added per day over that time period
(American Express, 2018). Between 2014 and 2019, the annual growth rate of minority-women-
owned firms was significantly higher than that of their nonminority counterparts, and Black
women-owned firms saw a growth rate of 50% during that time frame (American Express,
2019). With that kind of growth comes an emergent need for tools and resources, including
capital, that can support the success and sustainability of these minority women-led ventures.
Environmental, interpersonal, and financial factors are all common contributors to the
success of BFEs that have been explored through academic research and study (Awadzi, 2019).
In a qualitative study of 20 BFEs, Anderson et al. (2015) found several existing tensions among
this group and their perceptions of the costs and benefits of business ownership. The four
dialectical tensions named were changing self vs. maintaining self, being suspicious and
distrusting of others vs. being faithful and trusting in God, weak support from own ethnicity vs.
strong supportive ethnic identity and being halted by others’ perceptions vs. moving forward
despite preconceived notions. Ultimately, the authors concluded that the participants rated
themselves positively as businesswomen, but they felt as though they were viewed negatively by
others due in part to their race and gender. This study reflected the breadth of experiences BFEs
have and their varied perceptions of what it takes to succeed in business.
Challenges this group tends to face often extend beyond those representative of
entrepreneurship in general. Existing literature suggests challenges that are unique to this group
13
include racially discriminating policies, institutions, and legislation related to business
development (Anderson et al., 2015). Jones (2017) found in a qualitative study that explored the
rhetorical narratives of Black entrepreneurs that the participants viewed entrepreneurship as a
vehicle to push back against oppressive ideological structures and discriminatory economic
systems. Jones concluded that despite discrimination and marginalization, Black entrepreneurs
pursue business ownership as a statement of cultural empowerment, opportunity, and wealth
creation.
Venture Capitalism
According to the Chamber of Commerce (n.d.), 99.9% of businesses established in the
United States are defined as small in that they employ less than 500 employees. Of that number,
20% of them go under in the first year, half of which describe a lack of funds to pay staff and
cover expenses as the cause of the business failure. Access to financial capital is integral for
business strategy, development, and performance, and funding also helps to encourage
innovation as entrepreneurs seek to solve society’s problems (Uzuegbunam et al., 2017). There
are multiple pathways for entrepreneurs to raise capital to fund, grow, and scale their ventures.
Some of the options available include VC, traditional business loans from banks or the Small
Business Administration, personal investing through savings or credit cards, financial support
from family and friends, angel investing, and crowdfunding. As an industry, VC has been in
existence for nearly 80 years, with the first true firm established in 1946 (Gompers & Lerner,
2001). It is defined as “temporary equity investment in young, innovative, non-listed companies
that stand out in the market” (Statista, 2023, para. 1) and is pursued by companies that show
growth potential to investors.
14
The Funding Process
The process of acquiring VC funding involves a series of “rounds” that require business
owners to pitch their product or service to potential investors. It is recommended that the pitch
(that is, an oral presentation accompanied by a slide deck) tells a compelling story and includes
enough business and financial details to intrigue VCs and see the business as a viable investment
opportunity (Cremades, 2016). With VCs only funding 2% of businesses they review and 97% of
those funds going to businesses that are already established for new startups, pitching is a highly
competitive and integral part of the fundraising process (Cremades, 2016; Van Yoder, 2003).
The types of fundraising rounds are pre-seed, seed, Series A, Series B, Series C or more.
The pre-seed round is the least formal, with funds raised through family, friends, and possibly
angel investors. This is an opportunity to gauge the viability of the business and get the idea off
the ground. The capital raised from a seed round can range from $10,000 to over $100,000, and
can be used to conduct research, testing product-market fit, hiring, and product development
(Cremades, 2018). Series A–C are where venture capitalists and VC firms are more likely to be
involved as the businesses seek to scale. At these levels, the business concept has likely been
proven, profitability is indicated, and the valuation of the business is high (Cremades, 2018).
As of 2021, the value of venture capital investments in the United States reached an
amount of $345 billion (Statista, 2023, para. 1). According to Kaplan and Lerner (2016), 50% of
entrepreneurial firms that go public with an initial public offering, are venture-backed, despite
the industry being relatively small and only 0.2% of all firms receiving venture funding. In a
review of the literature on the decision-making process of VCs, Sharma (2015) determined the
basic categories of screening criteria are entrepreneurs’ characteristics, product, competitive
strategies, and market size and growth. The authors named biases and heuristics as two pertinent
15
issues that affect the decision-making process. Biases the VCs may hold include how they
evaluate a potential investment opportunity based on their individual beliefs and experiences.
Heuristics is a problem-solving method that prioritizes expediency in decision-making but may
not be the optimal solution in the long term (Sharma, 2015). These points regarding the decision-
making process are important factors to consider in a discussion about VC, as it provides insight
into the probability of what types of business are and are not successful at raising funds.
VC Industry and Diversity
Since its inception, the VC industry has been overwhelmingly male. The exclusivity of
the VC industry is reflected in which types of businesses receive funding and who holds the
decision-making power for how investments are made (Alexy et al., 2011). This section explores
specifically how women and Black founders are impacted by the exclusive nature of the
industry.
Women. In conjunction with the Ewing Marion Kauffman Foundation, Brush et al.
(2004) released a report on the role and participation of women in the VC industry. The study
explored why women have consistently been excluded, both as entrepreneurs and VCs
themselves. According to the report, the typical VC is a White male between the ages of 35-50
with an MBA from a top business school and a small network of business associates who
function as gatekeepers for venture deals (Brush et al., 2004). Without access to that investor
network, women and minorities miss opportunities to gain financial and advisory support VCs
often provide to the companies they invest in. According to Alexy et al. (2011), the social capital
and network of a venture capitalist correlate to and have an impact on their willingness to invest
in certain firms. In other words, they invest in whom they know and are connected to in their
networks. With more women serving in senior leadership or partner roles in VC firms, an
16
increase in investments made in women-led businesses is likely (Brush et al., 2004). A later study
by the Kauffman Foundation (2016) on emerging trends in the VC industry showed an increase
in the number of women in decision-making roles in VC, as angel investors, and as founders.
While that is a promising sign of growth, women still have much farther to go to reach parity
with men.
Diversity. Historically known as a White-male-dominated industry, a prevalent lack of
diversity in the field of VC has been pervasive. The National Venture Capital Association
(NVCA, 2019), in partnership with the Deloitte Leadership Center for Inclusion, conducted a
quantitative study of 217 VC firms in the United States to examine the state of diversity and
inclusion (D&I) in the industry. Among the 2,500 VC employees sampled, the study found that
only 3% of the VC workforce is Black, and there were no Black people in investment partner or
financial decision-making roles. Hispanic or Latinx employees made up 4% of the workforce and
held 2% of investment partner roles, while Asian/Pacific Islanders comprised 14% of the
workforce (NVCA, 2019). There is an urgent need to increase the percentages of
underrepresented groups in the VC industry because it has been found that firms with racial
diversity bring in more revenue and profits (Herring, 2009). Additionally, a team member who
shares a client’s ethnicity is 152% more likely to understand that client and, in this context, could
result in an increase in funding for Black and other minority-owned ventures (Hewlett et al.,
2013).
Summary
In summary, this literature review provided an exploration of entrepreneurship and the
acquisition of venture funding while examining studies that centered the experiences of women
and minority entrepreneurs. To provide a relevant contextualization of this topic, a foundational
17
look at entrepreneurship and how it is defined and carried out was taken. This was followed by a
review of why women become entrepreneurs and the gender differences present in the field of
entrepreneurship. A brief historical overview of Black entrepreneurship in the United States
provided insights into the specific issues that affect BFEs and their pursuit of business
ownership. Lastly, the literature review highlighted the venture capitalist industry, what the
pursuit of funding entails, and explained how the exclusive nature of the industry impacts
women and people of color. Using the KMO gap analysis framework by Clark and Estes (2008),
the next section will identify the knowledge, motivation, and organizational influences that will
guide this study.
Stakeholder Knowledge, Motivation, and Organizational Influences
Knowledge, motivation, and organizational barriers are the three critical factors of the
KMO gap analysis framework established by Clark and Estes (2008) that allow for organizations
to identify, assess, and close performance gaps. According to the authors, all three factors must
be in place and in alignment with each other in order for successful goal achievement to be made
possible. In this section, each of these factors in relation to BFEs and their perception of their
ability to be successful at obtaining funding for their ventures will be discussed.
Knowledge
In order to close a performance gap, the knowledge and skills of the people within the
organization or field of practice is a crucial first step. Oftentimes, people are unaware of their
lack of knowledge or are hesitant to disclose their weaknesses (Clark & Estes, 2008). If a
particular goal has not been achieved by others in the same organization or field, more
knowledge may be needed in order to solve for this component of the gap analysis. In a revision
of the taxonomy of educational objectives, a framework for classifying the learning expectations
18
of students based on instruction (also known as Bloom’s taxonomy), Krathwohl (2002) names
four categories to study the knowledge dimension. The four categories are factual, conceptual,
procedural, and metacognitive. Factual knowledge has to do with basic facts, information, and
terminology. Conceptual knowledge reflects how multiple concepts work in relation to one
another. Procedural knowledge speaks to the “how” of accomplishing a goal, as in the specific
tasks or steps to take. Metacognitive knowledge is reflective in nature and addresses the self-
knowledge a person has about the strategy or approach they took to accomplish a goal
(Krathwohl, 2002). Each of these categories applies to BFEs and their pursuit of VC funding;
however, this study will focus on factual, procedural, and metacognitive knowledge.
Factual Knowledge: VC Decision-Making
Clark and Estes (2008) name information, job aids, training, and education as key
components of knowledge and skill enhancement. Information is described as what people are
told or given in order to be successful at doing their jobs. To be successful at obtaining funding,
BFEs need to know what the decision-making process of VCs entails.
Understanding what approaches VCs take in their decision-making process is valuable
information BFEs need to know. For example, Cheng et al. (2018) noted that the decision phase
is a multi-attribute decision-making process that involves significant risk for VCs. The authors
also suggest that this process is influenced by the characteristics, beliefs, and limitations of the
VCs themselves. Considering this, then, it would be beneficial for BFEs to conduct research on
the investors they are pitching to and study what their investment portfolios look like. This
behavior would allow for them to tailor their pitches to the needs of the investors and improve
their impression management and success rates (Hoegen et al., 2018). Further, BFEs need to
know that in addition to assessing any apparent financial risks, investors with extensive
19
experience are also considering the level of product passion and openness to feedback the
entrepreneurs have (Warnick et al., 2018). Investors want to know that entrepreneurs are
coachable and do not take feedback as an attack on their identities because feedback is an
important part of the investment relationship and assists in uncertainty reduction (Kuratko et al.,
2021; Warnick et al., 2018).
Procedural Knowledge: Pitching to Investors
Procedural knowledge speaks to how to do something and reflects a knowledge of the
skills and procedures involved with completing a task (Krathwohl, 2002). For BFEs in pursuit of
funding, the task at hand is to pitch their businesses to investors and receive funding as a result.
To achieve that goal, BFEs need to know how to put a pitch or business presentation together
and deliver it to investors.
An investor pitch is defined by Daly and Davy (2016) as “a clear, structured presentation
of an idea or product/service … lasting about two minutes, with the intention of securing funding
or business advice from potential investors” (p. 183). The steps involved in developing a pitch
include creating a compelling narrative or brand story about the business, in addition to
showcasing data that reveals the performance of the business or viability of the business concept
(van Werven et al., 2019). A strong pitch combines the elements of persuasion, emotion, and
storytelling, and demonstrates the entrepreneur’s knowledge, expertise, and credentials (Daly &
Davy, 2016). To assist in their learning of how to develop a pitch that gains investor interest,
BFEs can participate in business development programs for startups, also known as accelerators
or incubators. In a comparison study of 10 American to European incubators, Chengappa and
Geibel (2014) found that American incubators more frequently lead to funding for startups with
high potential. Accelerators are short-term, cohort-based programs that provide education and
20
coaching to startup founders that often culminate in a public pitch event, giving the participants
experience in pitching in front of potential investors and receiving feedback (Cohen & Hochberg,
2014; Mansoori et al., 2019). When crafting a pitch, BFEs need to know that there are biases
present that may affect their success rate. For example, investors are more persuaded by pitches
made by men, and there is a negative bias held by investors toward communication styles that
are perceived as too feminine (Balachandra et al., 2021; Brooks et al., 2014). In a field study that
analyzed three pitch competitions and two controlled experiments, Brooks et al. (2014) found
that investors prefer pitches made by men over those made by women, even when the pitch
content is the same because they considered them to be more persuasive. Knowledge of these
influences can shape how BFEs prepare for pitching and strategize to leverage pitching investors
to meet their goal of raising funds.
Metacognitive Knowledge: Strategic Knowledge
Metacognitive knowledge reflects the level of awareness and knowledge learners have
about their own cognition or learning (Krathwohl, 2002). A type of metacognitive knowledge is
strategic knowledge, which refers to the learner being able to self-reflect on the strategic
approach they took to complete a task (Pintrich, 2002). Black female entrepreneurs as learners,
then, need to know what strategies will help them be successful at gaining access to funding and
reflect on why they chose those strategies.
A strategy that would be useful to BFEs is knowing what other funding options are
available to them to raise capital for their ventures. To aid in their self-reflection, BFEs can ask
themselves questions about their goal to obtain funding, e.g. “Is the strategy of pitching to
investors working?” and “Do I need to try something different to achieve my goal of raising
capital?” (Pintrich, 2002). Further, setting subgoals to increase their knowledge of additional
21
funding opportunities is a way to plan their cognition (Pintrich, 2002). Exploring other funding
pathways, such as the growing trend of crowdfunding, for example, can make for a suitable
subgoal. Venture capital firms in the United States historically invest in high-growth sectors,
such as technology and healthcare, as those sectors can yield significant returns (Stevenson et al.,
2019). Consequently, “Main Street” or non-tech businesses such as retail stores and consumer
services may find it difficult to obtain funding. An industry response to that trend is the increase
in popularity of other funding avenues like crowdfunding, which involves raising funds through
small amounts of money from the general public, usually via the internet (Stevenson et al.,
2019).
Crowdfunding platforms such as Kickstarter have successfully funded over 200,000
ventures through over $6 billion in financial pledges since it launched in 2009 (Kickstarter, n.d.).
These platforms are heralded as a source of innovation in the field and are increasingly becoming
viable options for founders (Stevenson et al., 2021). With the VC industry still being
overwhelmingly male, and Black and Latinx founders receiving 0.64% of VC investment since
2018 (Brush et al., 2004; Project Diane, 2020), BFEs can benefit from knowing the full spectrum
of funding paths available to them. This information aids in helping them find what Stevenson et
al. (2019) call a perceived funding fit. That is, an approach to fundraising that best fits their
specific needs and circumstances at a given point in time.
Motivation
Motivation is a psychological system that works in tandem with knowledge to help
human beings decide how much effort to put forth toward their goals (Clark & Estes, 2008). The
motivation to accomplish tasks can be examined through the three motivational processes of
active choice, persistence, and mental effort. According to Clark and Estes (2008), active choice
22
is when people choose to pursue a goal. A persistence problem is present when we get distracted
from the goal, and there is a certain level of mental effort required for us to accomplish the goal.
The following section will review the motivational influences of expectancy value and self-
efficacy present for BFEs.
Expectancy Value Theory
Psychologist John William Atkinson developed the expectancy value theory (EVT) in the
1950s to understand and explain the achievement motivation of individuals and was expanded to
the field of education by Wigfield and Eccles in the 1980s. The foundation of EVT is an
exploration of the relationship between the choices people make and the behaviors they exhibit
related to achievement. The two factors this relationship hinges on are value and expectancy
(Wigfield et al., 2018). Value speaks to the value placed on the goal, while expectancy speaks to
how successful the individual expects to be at achieving the goal (Wigfield et al., 2018). There
are four components that influence how task value is determined. They are attainment value, or
how important it is to perform well on a task; intrinsic value, or the interest and enjoyment in
completing the task; utility value, or how useful a task is and how it fits into one’s future goals;
and cost, which is where an individual assesses how much time, effort, or energy completing a
task will cost them (Wigfield & Eccles, 2000).
When applied to the experiences of BFEs, this theory is useful in exploring their
perspective on the value, purpose, and importance of pursuing funding for their ventures. In
other words, BFEs need to feel there is value in raising capital. According to Digital Undivided’s
Project Diane (2020) report on Black and Latinx founders, 60% of BFEs declare securing
external funding as a business goal. Thus, EVT helps frame this as a worthy goal to pursue,
making value present in their motivational efforts. Additionally, how successful they believe
23
themselves to be in accomplishing the goal (expectancy), and how connected the goal is to their
perceived identity as a founder that has a venture worth investing in (attainment value). A deeper
look into utility value can demonstrate a clear connection between the impact securing funding
can have on the BFEs future goals for their businesses, such as growth and scalability (Project
Diane, 2020).
Social Cognitive Theory and Self-Efficacy
Social cognitive theory (SCT) provides a framework for understanding the way social
environments impact the way people learn. Advanced by the work of psychologist Albert
Bandura, SCT proposes that people learn from watching and interacting with others (Schunk &
Usher, 2019). A central tenet of Bandura’s SCT is that human behavior is most prominently
influenced by the reciprocal interactions between three key influences: person, behavior, and
environment. How these three influences work together impacts the ways learning, performance,
and self-efficacy, or the way an individual perceives how capable they are at completing a task,
are accomplished. As it relates to self-efficacy, specifically, BFEs need to believe they have the
ability to grow their businesses by way of obtaining capital from investors.
According to Clark and Estes (2008), motivation is the product of an interaction between
people and their work environment. For BFEs, the work environment within the field of
entrepreneurship is comprised of their respective ventures, the customers they serve, and the
communities they are a part of. These communities, often known as incubators or accelerators,
are where learning, performance, and self-efficacy are interwoven for BFEs. Through programs
such as these, they are able to find the mentorship, coaching, and educational support and that
can advance venture development (Kuratko et al., 2021). Despite having fewer business role
models within their families and fewer opportunities to inherit capital from them than their
24
counterparts, BFEs often rely heavily on their families and personal networks for emotional
support, which can have a positive effect on their desire to be effective and level of self-efficacy
in pursuing their business goals (Clark & Estes, 2008; Fairlie & Robb, 2007; House, 2000).
Organizational Influences: Cultural Models
Performance gaps within organizations are caused by the absence of efficient and
effective processes and material resources (Clark & Estes, 2008). These elements affect how
results are produced and they also have an impact on organizational culture, which is defined as,
“the conscious and unconscious understanding of who we are, what we value, and how we do
what we do” (Clark & Estes, 2008, p. 107). Conducting interviews with people inside the
organization is useful in identifying and closing the organizational performance gaps. This
approach mirrors the intention of this study, where the field of entrepreneurship and VC is
framed as the organization and BFEs are stakeholders within the organization that provide
feedback on how it is performing.
Cultural models are the unspoken understandings of how things work or ought to work in
an organization (Gallimore & Goldenberg, 2001). They are often invisible and go unnoticed by
the people who hold them, but are evident in the culture-defining beliefs, values, and behavioral
norms held within an organization (Gallimore & Goldenberg, 2001; Schein, 2017). Through this
lens, it would seem as though the field of VC values White men, both as founders and investors,
above any other group. Women and minorities lag behind men on both sides of the table in the
VC industry (Brush et al., 2004). As cited in a report released by the NVCA (2019), data
compiled by Forbes and Tech Crunch revealed only 6% of all decision-makers at VC firms are
female, and only 7% of women are partners in VC firms. This same report found that non-White
employees make up 22% of the VC workforce (NVCA, 2019).
25
On the investment side, Bates and Bradford (2008) found that minority firms perform
well and provide returns that are similar to mainstream investments. Despite this, however,
minority firms continue to be underserved and underrepresented in the VC industry, with Black
founders receiving only 1.2% of the $147 billion invested in U.S. startups in early 2020
(Crunchbase, 2020). Within the field of VC, BFEs need to believe the industry values D&I. In
addition to an investment in more D&I initiatives (NVCA, 2019), organization leaders must
undergo mental and behavioral shifts on an individual level, in order for sustainable change to
take place across the organization, for as research has shown, diversity trainings unto themselves
are not effective at reducing bias (Dobbin & Kalev, 2018; Ely & Thomas, 2020). Considering
this as a cultural model, BFEs need to believe that the decision-makers are open to change that
leads to an increase in successful funding rounds for this group. For changes to occur, leaders
have to see the necessity of the change (Kezar, 2001) and BFEs need to perceive the process of
pitching investors as fair and equitable. Table 1 provides a summary of the knowledge,
motivation, and organizational influences present in this study of BFEs, and their ability to raise
capital from venture capitalists and firms.
26
Table 1
Knowledge, Motivation, and Organizational Influences on Black Female Entrepreneurs’ Journey
to Raising Capital
Influence Influence type
BFEs need to know what the decision-making process of
VCs entails.
Knowledge: Factual
BFEs need to know how to put a pitch or business
presentation together and deliver it to investors.
Knowledge: Procedural
BFEs need to know what strategies will help them be
successful at gaining access to funding.
Knowledge: Metacognitive
BFEs need to feel there is value in raising capital. Motivation: Expectancy value
BFEs need to believe they have the ability to obtain
capital from investors.
Motivation: Self-efficacy 1
BFEs need to have confidence in their ability to deliver an
effective pitch presentation.
Motivation: Self-efficacy 2
BFEs need to believe the venture capital industry values
diversity and inclusion.
Organizational: Cultural Model 1
BFEs need to believe the decision-makers in the venture
capital industry are open to change that leads to an
increase in successful fundraising rounds.
Organizational: Cultural Model 2
BFEs need to perceive the process of pitching investors in
the venture capital industry as being fair and equitable.
Organizational: Cultural Model 3
Conceptual Framework
The conceptual framework of a researcher formulates their research problem, influences
how they investigate the problem, and informs what meaning they attach to the data (Imenda,
2014). For this study, the conceptual framework used is the KMO gap analysis, which frames the
knowledge and skills, motivation, and organizational influences needed to assess and close
performance gaps in an organization (Clark & Estes, 2008). This study does not address a
specific or singular organization, but instead, frames the field of VC as the organization and
27
names BFEs as the primary stakeholder within the field. This study will adapt the KMO
framework as a tool for determining what knowledge and skills BFEs need to be successful at
gaining access to capital for their ventures; what motivational influences are present that
encourage them to pursue venture capital; and finally, what organizational barriers exists within
the field that prevent them from achieving the goal of raising capital from investors.
Because a research problem is seldom defined by one theory alone, the key theoretical
principles used for this study are intersectionality, EVT, and SCT (Imenda, 2014). Expectancy
value theory explores the connection between the choices people make and their achievement
related behaviors (Wigfield et al., 2018). Social cognitive theory provides a framework for
understanding the way social environments impact the way people learn (Bandura, 2005). How
each of these theories and concepts interact with each other in relation to the stakeholder and the
field of study is illustrated in Figure 1.
28
Figure 1
Access to Capital for Black Female Entrepreneurs Conceptual Framework
Figure 1 illustrates the interaction between the KMO influences that may influence BFEs’
ability to gain access to capital. In the illustration, BFEs enter the field of VC, which embodies
the assumed influences of knowledge (factual, procedural, and metacognitive) and motivation
(expectancy value and self-efficacy). The Venn diagram depicts the interdependence of the
assumed influences within the organization and its cultural models and cultural settings. As
described in the literature view, these elements have a collective impact on the stakeholder goal
of receiving investor capital to grow their businesses.
Methodology
Informed by the low percentage of BFEs that receive access to funding from venture
capitalists, the research design for this study was qualitative. As defined by Creswell and
Creswell (2018), “Qualitative research is exploring and understanding the meaning individuals or
29
groups ascribe to a social or human problem” (p. 32). An important facet of qualitative research
is to gain an understanding of a phenomenon through the participant’s perspectives, versus that
of the researcher (Merriam & Tisdell, 2016).
A qualitative research design aligns with the purpose of this study because it employs a
phenomenological approach, which is to use the lived experiences of participants to describe a
phenomenon (Creswell & Creswell, 2018). This approach is appropriate and adds to the validity
of this study because it seeks to understand the underlying structure of the phenomenon through
the lived experiences of BFEs as they raise capital for their businesses (Merriam & Tisdell,
2016). In other words, this approach examines how BFEs make meaning out of the experience of
pitching investors as a strategy for raising capital, and how they perceive their ability to be
successful at accomplishing that goal. In a phenomenological study, it is assumed that there is an
essence to shared experiences, and the goal of this study was to depict the essences of being a
BFE who is actively seeking capital as a means to grow and scale a venture (Merriam & Tisdell,
2016). The following section will describe how the study was conducted, starting with Table 2,
which outlines the research questions and two data sources for the study.
Table 2
Data Sources
Research questions
Interviews Reflection
prompt
What knowledge do BFEs have about raising venture capital? X X
What knowledge do BFEs have about raising venture capital? X X
What factors motivate BFEs to raise venture capital? X X
30
Research Setting
The research setting was virtual, with all of the interviews conducted online. The
rationale for this choice is that the majority of Black and Latinx women-led startups are located
in California and New York (Project Diane, 2020). Silicon Valley in Northern California, for
example, is a primary hub of VC activity, as it absorbs 20% to 26% of the total of venture capital
investments in the United States (Zhang, 2007). Scheduling the interviews virtually created an
opportunity to gather a group of participants with varied experiences, without restriction to
geographic location. Meeting with BFEs in person or on-site at their place of business was not
required to effectively address the research questions.
The Researcher
According to Merriam and Tisdell (2016), a key characteristic of qualitative research is
that “the researcher is the primary instrument for data collection and analysis” (p. 15). The
researcher as the human instrument promotes immediate responsivity, which can be useful in
data collection, particularly when seeking understanding is the focus of the research. As the
researcher for this study, my identities have informed my understanding of the topic in multiple
ways. First, I identify as Black and female. Second, I am an entrepreneur with 10 years of
experience as a service provider with an e-commerce component of my business. Third, in my
work as an executive coach and consultant, BFEs make up the largest majority of my clientele,
which has provided me with an inside look into their challenges related to raising capital, and
ultimately inspired this study.
In a phenomenological approach, the researcher must set aside or temporarily suspend
their beliefs and refrain from judgement (Merriam & Tisdell, 2016). My shared identities with
the participants can become a form of bias I need to be aware of as I approach the research
31
process. To mitigate this issue, I diligently approached examining the problem as a neutral party,
only making observations based on research and data and not through the use of my own
experiences as a lens by which to filter data through.
Data Collection: Interviews
The primary data source for this qualitative study was interviews. The rationale for this
form of data collection is that qualitative interviews allow researchers into the perspective of
another person (Patton, 2002). This is also a phenomenological study, which employs interviews
as the primary method to understand the meaning participants make of an experience (Merriam
& Tisdell, 2016). Phenomenological interviews explore the deep meanings that events—in this
case, raising capital from investors—have on individuals, with the assumption that the
individual’s actions and interactions are guided by those meanings (Marshall & Rossman, 2015).
The interviews were conducted in a semistructured format, which allowed for a conversation-
style interview that had both structure and flexibility (Merriam & Tisdell, 2016). Each
participant was asked the same 12 pre-written questions, with room allowed for follow-up
questions based on responses. This approach ensured that there was continuity and flexibility in
the questions and provided an opportunity to identify any recurring themes during data
collection.
Reflection Prompt
Another data source for this study was a reflection prompt for the participants to
complete that served as a private or personal document. Creswell (2014) states that private
documents are a form of qualitative data collection procedures that can include journals and
diaries, letters, and e-mails. Personal documents are a first-person narrative that serve as a
subjective data source that concerns an individual’s actions, experiences, and beliefs (Bogdan &
32
Biklen, 2007; Merriam & Tisdell, 2016). The purpose of the reflection prompt was to provide the
participants with an opportunity to reflect privately on their experiences. The reflection prompt
addressed all three research questions, as it encouraged reflection on the journey to raising
capital in its entirety, which included knowledge, motivation, and organizational factors. Their
written responses to the prompt were intended to provide additional data about the totality of
their experiences that may not have emerged in the interviews (Creswell, 2014).
Participants
The participants for this study were recruited via purposeful sampling, which is to select
participants that are the best fit for helping to understand the problem (Creswell & Creswell,
2018). The targeted number of study participants was eight to 10, with eight being the final
count. Criteria for eligible participants was defined as follows.
• a person who identifies as Black or African American
• a person who identities as female or a woman
• a person who has founded a business that they currently own and operate in the
continental United States
• a person who has pitched venture capitalists and has successfully raised capital
This group was appropriate for the study because it is their specific experiences that
assisted in understanding the phenomenon of interest (Merriam & Tisdell, 2016). The
recruitment strategy involved a call for participants within my professional network that included
a large number of BFEs. The call for participants was sent out via email, social media, and word
of mouth. Candidates that expressed interest in participating in the study and met the criteria
were sent a calendar link to schedule an interview at a time that aligned with their availability.
This sampling approach and recruitment strategy supported the validity and credibility of the
33
study because it provided a foundation for gathering qualitative data from participants that
understand the problem, have experience with it, and are willing to share their stories as a
measure to aid in solving it (Merriam & Tisdell, 2016).
Instrumentation
The semistructured interview format for this study consisted of 12 open-ended questions
that were designed to retrieve the information desired, reflect a standardized open-interview
format, and allow for respondents to express their own understandings (Merriam & Tisdell,
2016; Patton, 2002). The interview questions were aligned with the knowledge, motivation, and
organizational influences that impact BFEs’ ability to obtain capital, and how they perceive their
ability to do so successfully. The questions were intended to represent how these influences
emerge as depicted in the conceptual framework in Figure 1.
The interview questions were designed to collect responses that revealed what basic
information regarding raising capital the participants had (factual knowledge); what steps they
understood to be necessary to pitch investors (procedural knowledge); and in what ways did they
self-reflect on their ability to raise capital from investors (metacognitive knowledge; Krathwohl,
2002). Motivation questions addressed how confident or efficacious the participants felt about
their ability to raise capital (Clark & Estes, 2008). Open-ended questions were asked to address
the cultural models (invisible values, beliefs, and attitudes) and cultural settings (visible
manifestations of the cultural models) that are present in the field of the venture capital industry
with relation to D&I (Gallimore & Goldenberg, 2001). The interview protocol used for the study
can be found in Appendix B and an informed consent form in Appendix F.
34
Data Collection Procedures
Data collection occurred through virtual interviews hosted on Zoom, that lasted up to 60
minutes. This format allowed access to a wider group of potential participants during recruitment
and removed the limitation of only meeting with BFEs in one geographical area. Virtual
interviews also allowed for interpersonal or face-to-face interaction, which added to establishing
trust and building rapport with the participants. The interviews were recorded and upon their
completion, a verbatim transcription of the interviews was created through transcription
software. The transcripts were then reviewed for any errors or corrections that needed to be
made. Any identifying information about the participants was also redacted from the transcripts
to ensure confidentiality during the review process. The recruitment email can be found in
Appendix D and the pre-screen survey can be found in Appendix E.
The reflection prompt was sent via email to the study participants after the interviews
concluded. The participants were asked to voluntarily submit a reply to the prompt via email,
using a maximum of 300 words. The reflection prompt request can be found in Appendix C.
Data Analysis
The data for this study were analyzed through the coding software Atlas.ti. Each
interview transcription document was uploaded to the software, which allowed for efficiency in
the coding process. Through each pass or review of the interview data, I highlighted and noted
any words, phrases, or statements of interest that related to the research questions. The raw data
and codes were then grouped together based on the knowledge, motivation, and organizational
influence categories they were aligned with (Creswell, 2014). After several rounds of coding, a
codebook was created and exported from the software into a spreadsheet. The data were
analyzed more closely with the codebook and notes were taken to describe the emergent themes
35
and make sense of the data, which helped crystalize the preliminary determination of findings
(Creswell, 2014).
Validity and Reliability
This study was conducted in accordance with the guidelines set forth by the Institutional
Review Board that protect against human rights violations and access risk to the participants
(Creswell & Creswell, 2018). To ensure credibility and trustworthiness, and to fortify the
participants’ confidence in the interview process, the following strategies were employed. First,
it was reiterated to participants that their information was to be kept confidential and exclusively
used for the purpose of the study. Second, it was explained to the participants that the recordings
would be deleted after the interviews are transcribed and the study is completed, in adherence to
the ethical considerations expressed in the interview protocol. Third, the interviews were
conducted virtually and there was no site for the participants to be observed in, which added to
their comfort or confidence in participating in the study (Merriam & Tisdell, 2016). The fourth
strategy was to conduct member checks to gain feedback from the participants through
paraphrasing responses during the interviews, which helped to ensure what I intended to learn
was congruent to what was being shared.
Summary
An overview of the methodology for this study on BFEs’ ability to gain access to funding
from venture capitalists was discussed in this section. The choice and rationale for designing this
as a qualitative study with a phenomenological approach was explained. The processes for data
collection and analysis were reviewed and the section concluded with comments on the validity
of the study and limitations. The following section will present the findings that emerged from
the data.
36
Findings
The purpose of this study was to explore and understand the experiences of BFEs who
have successfully raised capital from investors. This section will present findings from the data
collected through qualitative interviews, based on the assumed knowledge, motivation, and
organizational influences on raising capital. To validate the assumed KMO influences, data were
collected from semistructured, virtual interviews with eight participants that were purposely
sampled.
Participating Stakeholders
All of the participants self-identified as Black women with experience in pitching
investors to raise capital to fund or scale their ventures. As the participating stakeholders of focus
for this study, they represented a variety of industries. The breakdown by industry is as follows:
food (n = 1), nonprofit (n = 1), personal care (n = 1), and hair care (n = 5). Four of the five
participants sold hair care products in retail outlets, both online and in brick-and-mortar stores.
The fifth participant from this group was also in the hair industry, but developed an app designed
to provide women with resources on how to care for their hair. In terms of location, the
participants lived predominantly on the east coast and southern region of the United States.
Specific locations included New York, North Carolina, South Carolina (n = 2), Maryland,
Illinois, Georgia, and Texas. Table 3 depicts this summary of the participants and is followed by
brief profiles for each of them.
37
Table 3
Participant Overview and Business Demographics
Participant Pseudonym Location Business
type
Business industry Years in
business
1 Kyla New York For-profit Foods 3–5
2 Janelle South Carolina Nonprofit Wellness 3–5
3 Angela Maryland For-profit Personal care 5–10
4 Kelly Illinois For-profit Haircare 5–10
5 Tanisha North Carolina For-profit Consumer goods 5–10
6 Gina South Carolina For-profit Haircare 5–10
7 Crystal Georgia For-profit Haircare and tech 10–15
8 Briana Texas For-profit Haircare 5–10
Beyond the explicit criteria listed in the study information material, no other business
financial information was requested from the participants, such as their business valuation or
how much capital they have raised. The amount of capital raised was not requested or
specifically discussed, as I did not want to further limit the scope of participants by excluding
those who had not raised a certain amount. The intention of the research was to receive a variety
of experiences and perspectives with relation to the process of raising capital.
Kyla was the owner of a New York-based business in the food industry. Her journey to
raising capital ranged from winning financial awards from pitch competitions to working directly
with private investors. Much of her knowledge about raising capital came from participating in
accelerator programs that served BFEs.
Janelle was the owner of a nonprofit organization based in South Carolina. Her journey to
raising capital started on a grassroots level by raising funds from other local businesses to
38
support her community-focused initiatives. Over time, she strengthened her pitching skills, and
her confidence grew as she pursued larger investments from investors.
Angela was the owner of a personal care business based in Maryland. Her journey toward
raising capital included studying the industry and learning the language of investors before she
started pitching. She wanted to have an understanding of what raising capital would require in
order to make her meetings with potential investors more productive.
Kelly was the owner and cofounder of a hair care company based in Illinois. Her journey
toward raising capital was driven by her desire to scale her business and hire a good team to
support the growth. Her knowledge of raising capital came through building relationships,
studying the industry, and honing her presentation skills for pitching.
Tanisha was the owner of a consumer goods business based in North Carolina. Her
journey to raising capital was punctuated by learning the power and importance of storytelling
when pitching. Crafting a compelling story that explained the nature of her business, the problem
her products solved, and what the company’s plans for the investment funds were, was a winning
formula in her experience with pitching to raise capital.
Gina was the co-owner of a hair care product and accessories business based in South
Carolina. Her journey to raising capital was shaped by the constant quest for knowledge and
information that could help her business grow. In her experience, telling an interesting story that
was memorable and cohesive, helped in the process of pitching to raise capital.
Crystal was a serial entrepreneur and the owner of multiple businesses. For this study, her
focus was a tech company she cofounded in the hair care industry in Georgia. Her journey to
raising capital started with crowdfunding, participating in pitch competitions and accelerators,
39
and getting engaged in her local startup community, which led to developing relationships with
investors.
Briana was the owner of a hair care company based in Texas. Her journey to raising
capital began by participating in local pitch competitions. As her business grew, she learned the
importance of being very granular with the financial data and details pertaining to her business.
To strengthen her abilities and confidence in pitching to investors, she leveraged her presentation
skills from her former corporate career and sought support from a pitch coach.
Knowledge Influences
Influences on the knowledge BFEs possess is categorized by their factual, procedural,
and metacognitive knowledge (Krathwohl, 2002). This section summarizes each of the
knowledge influences and their respective categories, along with the findings derived from the
data. In accordance with the table of KMO influences found in Appendix A, the knowledge
influences were framed by interview questions that were in support of Research Question 1,
which is, “What knowledge do Black female entrepreneurs have about raising venture capital?”
VC Decision-Making (Factual Knowledge)
Of the study participants, five reported having minimal knowledge or understanding of
how VCs decide which businesses they will invest in. For example, Gina shared, “But when it
comes to decision-making, particularly for VC and equity, I am learning now and we’re 8 years
into business.” The other three participants reported having some knowledge of the decision-
making process before they embarked on the pursuit of raising capital from VCs. Of this group,
reading books about the nature and structure of VC and conducting research on the language or
professional jargon used within the VC industry was how they acquired their knowledge. As
Angela stated:
40
Knowing the metrics that mattered to investors, knowing the traction points that I would
be expected to have as a Black woman where my White peers would not; and understanding the
language was of the utmost importance to me when I started in venture capital.
In general, the participants discussed having an idea of what investors might be looking
for but were not sure what the decision-making process fully entailed. In response to how much
knowledge she had, Briana explained,
I would say not very much. And it wasn’t even about how much money we had generated
or anything like that. It was more like, hey why is your business different and is it on a
growth trajectory? So, I knew that, but honestly beyond that, I didn’t know much more.
Janelle reported a similar experience, despite owning a nonprofit business. She shared, “I
can’t speak to any other industry, but the industry that I’m in, I’m learning that it’s really no
different when it comes to what investors wanna see. … They will still wanna know how much
revenue did I bring in?
For most of the participants, knowledge of how the VC industry works and how
investment decisions are made was acquired over time and through experience. Access to and
participation in accelerator programs or incubators for entrepreneurs, was reported as a helpful
resource that aided in their learning. Kyla shared, “The coursework within that (accelerator
program for Black women) was intense and very helpful. And so, they had an accelerator
program where basically at the end of the program they would take seven people and narrow you
down to pitch.” For Crystal, accelerator programs were also very helpful knowledge centers.
About her early startup experience, she shared,
I don’t know how many startup accelerators we were in; we were in like all of them. So,
of course, since we ain’t really have no customers, we had time to pitch and to be in these
41
accelerator programs, which were phenomenal. A lot of them funded our early mistakes
and we were able to have some valuable lessons on other people’s dimes.
Pitching to Investors (Procedural Knowledge)
From the study’s qualitative data, it was determined that a key component of
understanding the decision-making process is to possess knowledge of assembling and delivering
an effective pitch to investors. The participants understood that an important aspect of raising
capital from VCs is to have an effective pitch. According to the participants, the most significant
elements of delivering an effective pitch are telling a compelling story and knowing your
numbers or business data.
A theme that emerged from the data is that BFEs believe pitching involves a solid grasp
of storytelling, as a way to set oneself apart from others and gain the interest of investors.
Tanisha stated, “Storytelling is essential, … but basically telling why you started your business,
that’s a big factor. You can have an amazing product but your why is always like the leading
factor to your story.” According to Crystal, this is valuable procedural knowledge for BFEs to
have because, as she stated, “investors invest in people, not the product.” She went on to discuss,
So, first of all, you have to know that storytelling piece, telling it like a story. So, I’m
gonna say develop a formula and … tell it like a storyteller using a formula. Why are you
solving the problem? Why is your thing relevant? What traction have you made? Who
have you talked to? Who’s your competition? What makes your team capable of
delivering this? What’s the actual, what’s the scope of the, the industry that, is it even
worth you even presenting this? Right? What’s the scope of the industry? How
transformative is how much money can you potentially make? What’s your, what’s your
42
business model? How are you selling it? Who are you selling it to? What’s your target
audience?
Gina affirmed the importance of storytelling and creating a memorable pitch to capture
the attention and interest of investors:
The story is so important. As I’ve learned through the years, continuing to pitch and get
in front of, whether it’s committees that are issuing grants or people who want to invest
in companies, they want to invest in the person, the founder. They’re looking for certain
traits and qualities about the founder. And you’ve got to be able to, in one minute or 2
minutes, communicate who you are what your brand is about. I think they’re looking for
passion and looking for drive.
In addition to storytelling, “knowing your numbers” was another prominent theme that
emerged from the interviews. Learning the specific information to include in the pitch that VCs
would be interested in seeing, came over time for the majority of the participants. For Janelle,
this came in the form of including in the pitch information such as, “all of the correct data and
you know, my business plan for the year, showing the numbers, showing how much we’ve
grown and how their money has allowed us to grow.” In general, as part of the business story,
information that transparently describes the financial health and viability of the business is
important. The ability to showcase that the business has “hockey stick growth,” as Kelly stated,
is knowledge BFEs must possess and deliver with competence.
Strategic Knowledge (Metacognitive Knowledge)
From the lived experience of pitching VCs and investors, the participants developed
strategies that helped them successfully raise capital. The first strategy that the majority of the
participants employed was conducting research in advance, whenever possible, on the investors
43
and using what they found to personalize the pitch to reflect the interests or background of the
investors. This strategy supported the notion that BFEs have to know their audience and
understand how to pitch based on what the investors may find attractive or unique about their
businesses. Kelly shared:
You always need to know the audience you’re pitching to. That changes how you pitch.
So, say for example, if I am pitching to Shark Tank investors, you know, I’m gonna look
and say, okay, who is Lori? What kind of businesses has she invested in the past? What
does she like to see? And then I’m going to know a question she’s gonna ask me so I can
make sure I even maybe hint at something.
Gina spoke about adding flair to her pitches, especially when pitching in competitions,
which is a common way early startups raise capital. She stated,
Storytelling was definitely key, but also if there was a competition involved, which a
number of our pitches have been, we’re one of 10 finalists. So, we really had to make
sure we stood out. So, there was a little bit of theatrics involved too. I remember a time
when we were describing and demonstrating how our patented invention works, you
know, it’s one thing to say that it doesn’t slip off and just kind of show this functionality.
It’s another thing to show the functionality and then go through examples of customers
who have played baseball in it, who swam in it, who dance in it. And then at the end of
her [cofounder’s] example about dancing, she took a ballet twirl. And the audience was
just, Oh, my god!
These elements, combined with a compelling story—one that is both interesting and
informative or detailed—are what the participants reported as effective strategies that helped
create and deliver pitches that aided in their ability to raise capital. This knowledge was acquired
44
through experience and external support in the form of participating in accelerator programs and
working with pitch coaches.
Motivation Influences
The next KMO influence to be explored in the following section is motivation. The
research question guiding this portion of the study was, “What factors motivate Black female
entrepreneurs to raise venture capital?” The three specific influences explored were EVT, self-
efficacy in raising capital, and self-efficacy in pitching successfully. In other words, the study
sought to understand if BFEs believed there was value in raising capital and how confident they
perceived themselves to be in their ability to pitch investors and succeed in their goal of raising
capital.
Expectancy Value Theory
The majority of the participants believed there was value in raising capital and were
motivated to do so. While the reasons for deciding to raise capital from VCs varied, 87% of the
participants believed it was a good and, in many cases, a necessary choice to make. For many of
the participants, raising capital was the next step to take in order to scale their businesses. Other
motivating factors included an exhaustion of personal resources and finances, bootstrapping (or
self-funding through business cash flow) was not effective, difficulty in obtaining funding from
traditional banks, and a lack of a personal network from whom they could request seed or startup
funding from. Gina’s journey toward raising capital included nearly all of the previously named
factors. She stated,
In order for us just to get started, I had to go into my retirement fund. … That was the
majority of the capital at the beginning because nobody was going fund what we were
working on. It took years before a bank said, okay, let’s give them a small micro loan. So,
45
in the process of us trying to get loans, we were constantly finding pitch competitions.
You know, $2,000 here, $500 there, a thousand there, $10,000 there.
Tanisha also reported difficulty acquiring a loan in the beginning and how challenging it
was to operate on cash flow alone. She explained,
So, one thing when you’re in the process of either starting a business or as you’re
growing, no one really talks about the need to raise capital because as you expand, it’s
either you’re using your cash flow, which we did for the first 3 years because we just
didn’t know better. We were just using cash flow because no bank was gonna give us a
loan. So, I remember even just like trying to get business information was super hard
because no one would return our call. So, we weren’t educated on like, hey, you know,
there are grants out there, there are investors out there that may wanna invest in your
company.
Similar to Tanisha, in Briana’s experience, bootstrapping was an ineffective way to run
her business and was part of what compelled her to pursue venture capital. As she shared,
I realized, like, I needed to launch more products quickly, but that takes a lot of money. I
knew that was gonna take me at least, you know, $50,000 that I didn’t have because
everything that I had in working capital was going back into the business. So, I had to try
to raise money, and I’m still always trying to raise money because bootstrapping just, it,
it’s difficult when you really wanna scale.
An additional finding that could lower the expectancy value in participants was an
expressed preference of venture capitalists toward companies with a technological focus. For
those without a tech component in their business, some of the participants feared this would
impact their ability to raise capital. The rationale one participant who sold consumer goods and
46
did not have a tech element to her business held for pursuing nonequity funding vs. VC funds,
was based on this specific feedback from multiple investors. Specifically, she was told her
company was not an attractive investment because they lean toward being capital intensive and
have a longer trajectory toward an exit. This influenced how valuable she perceived raising VC
funding to be and how motivated she was to pursue it. Tanisha reported, “I remember talking to
investors and they’re like, to exit you need to be at like that 100 million dollar mark as a
consumer brand to be taken seriously.” Crystal affirmed this by saying, “If you don’t have a tech
component, it’s going to be really hard for you to get any VC funding because they want
something that’s easily scalable and repeatable.” For BFEs with businesses without a tech
component, this could prove to be a barrier to raising the amount of capital they need to scale
and impact their perceived value or motivation to do so.
Self-Efficacy in Raising Capital
The study participants were confident in their ability to raise capital. For 87% of the
participants, their confidence levels increased over time, as they acquired more experience in
pitching and receiving actual investments. Other factors that impacted their self-efficacy in
raising capital were gaining feedback from investors and intimately learning the financial details
of their businesses. Kelly described her confidence level in raising capital as improving over
time. She discussed,
I am much better at it now. So, I would say I am maybe like seven, eight out of 10. But
back in the day, I would overshare, and I was very honest and authentic, but I think it
would hurt me a lot because I would probably share too much. Like, you can share your
fears or whatever, but that doesn’t necessarily mean that that will happen or that that is
currently happening. And so sometimes I would do that, and it would hurt my fundraising
47
ability. I also learned the rules of the game, like you raised when you’re up, you raised
when you have money in the bag, you raised when, you know, I thought you wait until
the end when you’re running out and then you gotta go find money and then you’re
frantic and that’s not how you fundraise. So, yeah, I’m pretty confident now.
The confidence in the ability to raise capital, despite low number of BFEs having raised
$1 million or more, is linked to mindset. Adopting a mindset of success, determination, and
believing in their ventures, served as additional sources of motivation for the participants.
Angela stated,
I feel very confident about the ability to raise. My confidence level and my ability to raise
is extremely high because I think the one thing that I did that I’m not hearing that my
peers have done is master the language. Most people just say, oh, I need an investor, let
me get the pitch deck together. You don’t know the language. So, realistically you’re
going to people and ask for funding, and you don’t even know what the best vehicle is for
you. You don’t know the industry standard terms. So, I feel confident, and my goal is to
kind of leverage that confidence and help other people feel confident.
For Gina, her confidence in the ability to raise was moderate due to “needing more funding than
what seems to be available in competitions, but not having the relationships to get in front of
VCs.” Briana’s confidence was also relatively moderate for a similar reason as Gina. “I just
don’t have a whole lot of confidence [in my ability to raise] because I think I’ve applied for so
many things and I haven’t gotten it.”
Self-Efficacy in Pitching Effectively
All of the participants were confident in their ability to deliver a successful pitch to
potential investors. In response to the question, “Describe your level of confidence in delivering
48
an effective pitch,” 100% of the participants reported a high level of confidence. According to
the participants, authenticity was an important aspect of pitching effectively. Tanisha explained
this by reiterating the importance of storytelling in pitching. She shared,
I know I keep saying this, but it’s just being authentic. I think for me what I’ve learned
over the years with storytelling is once you have a solid pitch deck and a pitch story, my
pitch story never changes. What may change along the way is adding these successful
factors to it. So, this is what happened after I did this. This is the amount of money that
we were able to make, this is the amount of people we were able to impact, this is the
amount of people I was able to hire. So, just adding those successful layers along the way
’cause people love a good story.
An effective pitch does not always guarantee funding, however, and the participants do
not define a successful pitch in that way. The BFEs recognized that the decision-making process
is varied and nuanced, meaning, their pitch could be well-delivered, but it may not match what
the investors are looking for. BFEs perceive pitching as a means to an end, or a required skill for
raising capital. Thus, they are motivated to invest the needed time and resources into how to do it
effectively, which contributes to their confidence levels. Pertaining to her confidence in pitching,
Gina was very confident but acknowledged that the outcome is contextual. She explained, “So, I
feel very confident that if I get the opportunity, I can get the money I need if I’m in front of the
right person. If I got the opportunity to talk to the right person that gets it and there’s a
connection there, I can get the money.” Briana expressed, “I would say, like, on a scale of one to
10, I feel like I’m at an eight and a half, nine. I know that, … if I prepare, I believe that I can win
over whoever is listening.” She also worked with a pitch coach, which helped increase her
confidence level in her ability to prepare and deliver a strong pitch. Her aforementioned lack of
49
confidence in her ability to raise capital, however, demonstrates that confidence in raising capital
and pitching were not mutually exclusive.
Organization Influences
Organization is the final KMO influence explored in this study. For the purpose of the
study, the organization was framed as the field of venture capital or the VC industry. The
research question guiding this portion of the study was, “How do Black female entrepreneurs
navigate the field of the venture capital industry?” The interview questions posed to participants
to gain their perspectives were written around themes including D&I, a perceived openness to
change by VCs, and whether or not the process of pitching was perceived to be fair and
equitable. This section summarizes the findings related to those three themes.
Diversity and Inclusion
Black female entrepreneurs in this study did not believe there is much value placed on
D&I within the VC industry. All eight of the participants reported not perceiving the industry as
diverse or inclusive. An emergent theme from the interview data is D&I initiatives became a
trend among investors and large corporations following the civil unrest in America after the
death of George Floyd in 2020. According to half of the participants, after that incident, interest
was high in prioritizing Black-owned businesses, and an increase in funding opportunities was
available. The participants expressed that from their perspectives, an interest in D&I and
investing in their businesses was a temporary trend on the part of investors and large
corporations and not a true value the industry holds. Angela explained, “I don’t think it [D&I] is
well-intentioned. I think it’s just something people decided to do after George Floyd was killed. I
think it’s a buzzword.” Gina shared similar sentiments:
50
Because they’re not thinking beyond just having their name on a list that says that they’re
helping Black-owned businesses after the murder of George Floyd, and not thinking
about, okay, what do we do to prepare them to sustain or live beyond this open door?
How do we help them grow? So, while I applaud that there’s more interest in [D&I] in
these rooms, I need them to think beyond just the first step of opening a door.
In relation to the perceived lack of value for D&I, the subsequent interview question
asked if the participants believed the decision-makers in the VC industry were open to change
that could result in an increase in funding opportunities for BFEs.
Identity and Decision-Making
The participants were asked in what ways, if at all, did they perceive their identity as
Black women impacting the decision-making process. Overall, the finding here is that the
participants perceived their identities as Black women as having a negative impact on their
ability to raise. It was reported as being a challenge or obstacle in some instances because of both
gender and racial bias in the VC industry, which is comprised predominantly of White men. For
example, Kyla discussed how she felt her identity impacted her experience in the world of VC.
She explained,
Oh, it impacts it a lot. … I’m seeing a lot of young, White, Caucasian males get $2
million in funding for really, I don’t wanna minimize what they’re doing, but really fluffy
businesses. And I’m like, wait a minute, we’re out here doing this, trying to make
changes in the community, and we are getting, you know, I’m grateful but 10, $24,000 as
a Black business owner, you know, you can wipe that out in a month if you needed to do
an X, Y, and Z.
51
One participant reported being mistaken for wait staff at an investor meeting. About her
experience as a Black woman raising capital, Angela shared,
It’s been interesting. For certain, the level of questioning that I get from some VCs is
questionable. I have walked into meetings where people said, “Hey, we’re gonna have a
latte,” and I have to, like, say, “Wait a second, who are you waiting for?” They’re like,
“Oh, we’re waiting for the CEO of redacted.” And then I have to casually flex that I AM
the CEO of redacted.
Angela’s approach to handling these kinds of interactions in the field of VC is to leverage
her identity as a Black woman and approach her dealings with VCs from a place of power. She
explained,
Historically you’re dealing with the pool of White men, most often old White men. And
they have actual power when you deal with, like, patriarchy and misogyny across the
world in all cultures. I have found that in conversations with investors who are quite
financially powerful, I’m actually the one in the room with the leverage because I’m the
only one that can speak frankly and candidly about the situation while relating to them in
a manner that they didn’t anticipate. If that makes sense. As the head of the household in
the leader of culture in my community, Black women drive trends, White men fund
trends.
Angela was the only participant to express views from that perspective, and it was worth
noting for other BFEs to gain insight from. Kelly shared that her identity presents a limitation to
some investors because they assume her products are only for Black people and designate her
business as a risky investment. Working to discredit those assumptions or pre-judgements can
add weight to the already difficult challenge of raising capital. Kelly discussed,
52
Because I’m a Black woman, most people will automatically assume my product is for
Black people and only Black people. Two, they assume, okay, she’s gonna have a hard
time fundraising because she’s Black, which means she’s gonna be a more risky
investment. I think three, even if it is for Black people, they may not understand the
problem ’cause they don’t have it. And as an investor, it’s easier to get behind a product
that you would be using for yourself than it is for something where you’re like, Okay,
well, I don’t know that market, and I don’t know that customer. I can’t really help you in
this business. I’m just money. And sometimes, investors don’t wanna be just money; they
wanna have some kind of expertise they can offer.
Decision-Makers Being Open to Change
Five of the participants did not believe the VC industry is open to changing in a way that
leads to an increase in funding rounds for them. The lack of diversity in the industry and it being
established as an environment that was “never intended to be equitable or inclusive,” as Kelly
stated, are the greatest contributors to their lack of confidence in a change among decision-
makers. As Angela shared, “I don’t think they’re open to change. I mean, why would you break
down a construct that you benefit from? I think that the only difference that really could be made
is to have more diverse VCs.” The remaining three participants believed the industry was open to
change, but it will take time. The driver for that change, in time, will be, as the previously quoted
participant shared, through a rise in more diverse investment funds and firms led by people of
color. Crystal noted, “I think a lot of Black and Brown firms … We are creating our own startup
accelerator programs and our own incubators. And so yeah, I think it’s changing. If you don’t
want to give us money, we’re gonna create ways and systems to give us money.”
A Fair and Equitable Pitching Process
53
The process of pitching to VCs is not perceived to be fair and equitable by BFEs.
Because pitching is such an integral part of the process of raising capital, it is explored here in an
effort to understand how BFEs navigate the field of venture capital. The participants expressed
their dismay over the VC industry being run predominately by straight, White men, which they
believe contributes to how the pitching process is facilitated and impacts outcomes. Kyla shared
how it’s been a challenge to raise capital because the people in the pitch meetings “don’t look
like me.” From her perspective, White males do not have the cultural awareness or sensitivity to
understand her unique needs as a Black woman and entrepreneur. To further illustrate this point,
Kelly talked about how in raising a Series A, which of $1 million are more, the audience for
those types of pitch meetings is almost exclusively White men. She shared,
So, at that level, I’m not looking at Black women. I’m talking to them about $10 million
checks, $20 million checks. I’m looking at like straight White men. … The pitching
process is not equitable. You have to make a name for yourself, and you have to get one-
on-one intros or personal intros from founders or other VCs. So, it is a who’s who
network, and it’s who do you know? And so how do you infiltrate a network you don’t
have access to?
Recommendations from the participants for how the pitching process can be made more
equitable included a shift in the beliefs and attitudes of VCs. For example, Angela shared, “I
have come to understand that there is systemic racism in venture; there’s pattern matching.
Investors don’t invest in what they haven’t seen. They haven’t seen enough Black women
billionaires.” In order to see the number of BFEs who have successfully raised venture capital
increase, the need for greater diversity in the industry and among decision-makers is apparent.
54
Reflection Prompt
Following the interviews, the study participants were asked to respond to a reflection
prompt via email about raising capital. As an additional source, the prompt was, “If you could
take the journey of raising capital over again, what, if anything, would you do differently?” The
purpose of the prompt was to encourage private reflection post-interview and gain additional
insights into how BFEs perceive the experience of raising capital in their own words (Creswell,
2014). Only one of the eight participants submitted a response to the reflection prompt due to
presumed time constraints. Kyla expressed, “If I could take the journey of raising capital over
again, what I would do differently is focus more on generating sales through social media to
build up savings for the business and then apply for capital.” This response echoes the
aforementioned knowledge and motivation influences on BFEs’ ability to raise capital. By
leveraging social media to drive sales, the respondent confirms that strategic knowledge is
beneficial to BFEs in their approach to raising capital. Using the revenue generated from social
media sales to establish business savings can strengthen the financial health of the business and
potentially make it more attractive to investors, thereby improving the participant’s confidence
level with pitching. Her response also affirms that raising capital is a process that leaves room
for BFEs to do things their way that fit the unique needs of their respective businesses.
Summary
The findings from this study on the journey to raising capital for BFEs were presented in
this section. The qualitative data collected from semistructured interviews with eight participants
who met the study criteria were organized and examined using the KMO gap analysis framework
developed by Clark and Estes (2008). There were nine assumed KMO influences on the
participants’ ability to raise capital. The first three influences were on their factual, procedural,
55
and metacognitive knowledge about how to raise capital from VCs. The second set of influences
examined their motivation for raising capital and the level of self-efficacy they had with regard
to accomplishing that goal through pitching to investors, which is an integral component of
raising capital. Finally, the influences on how they are able to navigate the field of venture
capital through a D&I lens were explored.
Findings from this study revealed the presence of gaps pertaining to the assumed KMO
influences. Each of the three knowledge influences was validated. The study participants
reported a need to have knowledge of the decision-making process of VCs, which includes
knowing how to put a pitch together and deliver it. Strategic knowledge, such as researching
investors to tailor information toward their investing patterns and interests, was validated as
helpful knowledge BFEs should have. To acquire this knowledge, studies such as this one can
serve as an informational guide relevant to BFEs who are preparing to raise capital from VCs.
Each of the three motivation influences were also validated by the study data. The
expectancy value among the participants was high, as an overwhelming majority of them found
value in raising capital and were motivated to do so, albeit for various reasons, financial need
being the most common. The sources of their motivation were driving forces behind their ability
to navigate the field of VC, even as they learned new things along the way. With regard to self-
efficacy, the BFEs reported high levels of confidence in their ability to raise capital in general
and to deliver effective pitch presentations. Because pitching is a necessary part of raising
venture capital, confidence in being able to do it effectively is linked to their confidence levels in
being able to raise capital at all. This has less to do with VCs and more to do with how
competent the participants see themselves as. In other words, even if they do not receive a yes
from an investor, that doesn’t mean it was because their pitch was not effective.
56
The assumed organization influences were not validated by the study data. The data
revealed that BFEs do not believe there is a value placed on D&I in the VC industry nor that the
decision-makers are open to change. They also do not perceive the pitching process to be fair and
equitable. The implication of these findings is that while it would be helpful to them if these
influences were affirmed, they are not required in order for them to pursue raising capital. The
participants understand these influences to be a part of the cultural models that exist within the
VC industry that they simply have to confront and not let deter them from achieving their goals.
Recommendations for how change within the industry can occur will be discussed in the
following section. Limitations and delimitations for the study will also be discussed.
Recommendations for Practice
The purpose of this study was to explore and understand the experiences of BFEs who
have successfully raised venture capital. In the previous section, the findings of the study were
summarized, with a focus on the knowledge, motivation, and organizational influences that
impact the ability of BFEs to raise capital. Based on those findings, this section provides
recommendations within the context of the established research questions and assumed KMO
influences for how other BFEs who pursue this route to funding can succeed at accomplishing
that goal. Following the recommendations for practice, the limitations and delimitations of the
study are addressed, followed by recommendations for future research and a conclusion.
Increase BFE Access to VC Networks
The first research question that guided this study was, “What knowledge do Black female
entrepreneurs have about raising venture capital?” The findings of the study revealed that BFEs
often have minimal knowledge about raising venture capital, the decision-making process of
VCs, or how the industry works before they begin the process of pitching to raise capital. While
57
some knowledge is acquired through participation in accelerator programs for startups, a large
contributor to this knowledge gap can be linked to the lack of connections BFEs have with actual
VCs from whom they can learn insights into investment trends and patterns and how the industry
functions. With straight, White men existing as gatekeepers in the industry, Black women
continue to be excluded from building the network and social capital required to interact with
VCs (Brush et al., 2004).
A quantitative study on the structural and relational aspects of VC social networks found
that the more diverse a VC’s network is, the higher amount of funds raised by startups in the first
funding round (Alexy et al., 2011). The researchers of this study reviewed more than 1,500 first
funding rounds in the internet and technology sector, and their findings confirmed their
hypothesis that the social capital of VCs has direct and measurable effects on the funding
decisions they make. As this relates to BFEs, if they are not part of the social networks of
venture capitalists, it can be a challenge to build the relationships that help facilitate
introductions and meetings with VCs. It is recommended, then, that VCs that value a diverse
portfolio seek out Black female founders across the country. A strategy for carrying out this
recommendation is for VCs, both individuals and firms, to partner with existing programs that
support BFEs to help expand their reach. Partnering with national programs that focus on BFEs
is important due to the high concentration of VC activities and networks being based in Silicon
Valley or New York (Zhang, 2007). Potential partnership opportunities can come by way of
collaborating with program operators to sponsor networking events where connections are made,
but pitching is not the sole focus. These events can also be done virtually to allow for even more
participation between VCs and founders outside of the hubs for VC activity. Information
sessions, both virtual and in person, that feature conversations with VCs about what they are
58
looking for in investment opportunities can also help close the knowledge gap for BFEs in the
decision-making process.
Increased Financial Support Before Raising Venture Capital
Before they embark on the journey to raising venture capital, BFEs need more financial
support that facilitates their early growth. The findings of this study indicated that lack of startup
capital, stagnant cash flow, and the limits of bootstrapping are significant challenges some BFEs
faced in their growth trajectory. As their businesses scale, so do their financial needs, making
smaller awards from pitch competitions insufficient for the type of demonstrable growth required
to make raising venture capital a viable option. This is directly linked to the second research
question: “What factors motivate Black female entrepreneurs to raise venture capital?” The study
findings revealed that financial need is the most significant motivating factor for raising capital
for BFEs. From a historical standpoint, BFEs differ from their counterparts with regard to how
they enter entrepreneurship. Orhan and Scott (2001) found that reasons for entering
entrepreneurship for female entrepreneurs include taking over the family business. In their
review of quantitative survey data on the characteristics of business owners, Fairlie and Robb
(2007) found, however, that Black business owners are less likely than White business owners to
inherit a family business and the resources that come with such an inheritance. This, along with
limited access to startup capital, were determined to be key factors associated with business
outcomes for Black business owners.
It is recommended that there be an increase in competition awards, grants, and nonequity
funding amounts made available to this group, as this can have a significant impact on the
motivation of BFEs to raise capital. A strategy for carrying out this recommendation is to garner
larger commitments from VCs and corporations that support or sponsor funding opportunities for
59
early startups, such as pitch competitions, for example, to raise the award amounts. The median
seed totals for BFEs who raise less than $1 million is $125,000, and without the ability to raise a
family and fund pre-seed round, startup growth can be stalled for BFEs, making the need for
investments from VCs more pronounced (Project Diane, 2020). As such, award amounts should
be commensurate with the growth data or potential of BFE-led ventures.
Increase the Value Placed on Diversity and Inclusion
An indication from the study findings is most of the participants perceived there to be
little to no value placed on D&I in the venture capital industry. Interest in funding their
businesses was considered by the participants to be a trend that became popular in response to
the civil unrest of 2020 and has since declined. In order to see greater D&I measures carried out
within the industry, the recommendation is for venture capitalists and their firms to demonstrate
a continued commitment to invest in businesses owned by BFEs and other people of color, which
contribute over $600 billion to the U.S. economy (Fairlie & Robb, 2010). A strategy for a
recommendation of this kind has to be measurable in some form, such as by ensuring a certain
number or percentage of the businesses in VC investment portfolios are Black-owned. An
example of how this recommendation can be carried out is the 15% Pledge, which is an initiative
established by a nonprofit organization that “encourages retailers to pledge at least 15% of their
shelf-space to Black-owned businesses”; and has shifted nearly $10 billion of revenue to Black-
owned businesses as a result (Fifteen Percent Pledge, n.d.). Similarly, VCs that are intentional
about D&I can deepen their efforts by prioritizing the support of the over 350 Black and Latina
female founders that have raised over $1 million through financial investments (Project Diane,
2020). These ventures have documented growth and are poised for scalability, and the number is
small enough to be a viable starting point for VCs to research potential matches.
60
A second recommendation in response to the lack of diversity in the VC industry is to
increase the representation of Black women on both sides of the capital table. That is, not only
do BFEs need support and financial resources to grow their ventures, but more Black women
should sit in the seat of decision-makers in the industry. According to a report on the status of
representation in the VC industry, the number of Black partners and fund managers, or “check
writers,” is increasing, with 27% of Black partners launching new funds between 2020 – 2022
(BLCK VC, 2022). Of the 122 Black partners studied for the report. However, only 20% or 24 of
them were Black women. A strategy to carry out this recommendation is for more Black women
to start their own funds and to also be hired for leadership roles in existing firms. Findings from
this study indicated that there is a slow shift in this area, as more Black investors are starting
their own VC funds and firms as a pathway to increasing representation. According to Gompers
and Calder-Wang (2021), homophily affects hiring decisions in the venture capital industry. In
other words, hiring managers in the industry will be drawn to and hire people who are similar to
themselves. Thus, as more Black women ascend to leadership roles in the industry, the greater
the likelihood of an increase in representation and funding opportunities for this group.
Limitations and Delimitations
Two limitations of this study included the sample size and sufficient data collection. The
first limitation of this study was the small number of participants interviewed. The initial range
of eight to 10 participants was deemed appropriate at the start of the study, with eight
participants being the final number achieved after recruitment concluded. As a qualitative study,
additional perspectives from a larger sample would have added to the depth and richness of the
data. A second limitation is linked to the first, in that only one of the eight participants replied to
the reflection prompt, thereby limiting that aspect of the data analysis. Receiving more replies
61
would have aided in conducting a thorough data analysis and explore additional insights from the
participants that did not arise during the interviews.
Delimitations help define the parameters of a study and reflect boundaries that are
established by the researcher (Creswell & Creswell, 2018). A delimitation for this study was in
the participant sampling. The scope of the study was affected by centering BFEs, and not a
generalized group of women of color in business. For example, as outlined in the literature
review, there has been a long history of exclusion and unique challenges within the Black
community in relation to entrepreneurship in America. By focusing on self-identified Black
women who operated businesses in the continental United States, the purpose of the study was
met by calling forward the experiences of this particular group. With this target population as the
key stakeholder group, the research is explicitly focused on their direct experiences with the
research problem, thereby making the recommendations a reflection of their specific needs.
Recommendations for Future Research
The findings of this study indicated that BFEs have robust stories to tell about how they
navigate the field of VC. They have valuable insights that can serve as a guide for other BFEs
who seek to also raise venture capital. It is recommended, then, that additional studies of this
nature that center the experiences of BFEs should be conducted. A specific recommendation is
for a long-term case study to be completed that follows a small group of BFEs who complete
multiple funding rounds and scale significantly enough to make an exit from their businesses. As
the number of BFEs who have raised over $1 million slowly trickles upward, more academic
research should be conducted to document the complexities of their journeys. This is a worthy
topic for continued study because minority-owned businesses positively impact the economy but
lack the access to capital that is essential to sustain their growth (Fairlie & Robb, 2010).
62
A second recommendation for future research is a closer examination of the lack of D&I
within the VC industry. Additional qualitative and quantitative research conducted on this issue
can aid in understanding the problem and developing relevant solutions or implementation plans
that affect change. For example, a study on the investment patterns of Black “check writers” can
help determine if the aforementioned recommendation to hire more Black fund managers and
partners actually results in an increase in funding for Black-owned ventures and that their habits
do not merely mimic those of White investors. Studies of this kind can add to the understanding
of how D&I efforts are established and measured and the impact they have in the industry.
Conclusion
The purpose of the study was to explore how BFEs perceive their ability to raise capital
and understand how they make meaning of that experience. Through the conceptual framework
of the KMO gap analysis by Clark and Estes (2008), the knowledge, motivation, and
organizational factors that influence BFEs’ ability to raise capital were explored. Key findings of
the study indicated that (a) BFEs acquire the knowledge they lack about how to raise
successfully through experience; (b) they are motivated to pursue raise venture capital due to
financial constraints and limitations; (c) they are confident in their ability to pitch investors and
raise capital; and (d) the VC industry does not value D&I.
This subject was important to address because the current number of Black women who
have completed fundraising rounds that exceed $1 million remains below 100, despite this group
outpacing their counterparts in startup creation (American Express, 2018). For that number to
rise, more research such as this has to be conducted to assess the unique and specific needs and
challenges of this group. Research of this kind that centers Black women may serve as an
insightful guide for other BFEs who intend to pursue the same goal as a way to grow their
63
businesses, generate wealth, create jobs, and impact their communities. Future studies such as
these can shed light on the barriers to gaining access to capital and help determine what has to be
done to eliminate those barriers.
64
References
Ahl, H. (2006). Why research on women entrepreneurs needs new directions. Entrepreneurship
Theory and Practice, 30(5), 595–621. https://doi.org/10.1111/j.1540-6520.2006.00138.x
Alexy, O. T., Block, J. H., Sandner, P., & Ter Wal, A. L. (2011). Social capital of venture
capitalists and start-up funding. Small Business Economics, 39(4), 835–851.
https://doi.org/10.1007/s11187-011-9337-4
American Express. (2018). The 2018 state of women-owned business report.
https://archive.mbda.gov/sites/mbda.gov/files/media/files/2018/2018-state-of-women-
owned-businesses-report.pdf
American Express. (2019). The 2019 state of women-owned business report.
https://s1.q4cdn.com/692158879/files/doc_library/file/2019-state-of-women-owned-
businesses-report.pdf
Anderson, P., Sims, J. D., Shuff, J., Neese, S., & Sims, A. (2015). A price-based approach to the
dialectics in African American female entrepreneur experiences. The Journal of Business
Diversity, 15(2), 46–59.
Aulet, W., & Murray, F. E. (2013). A tale of two entrepreneurs: Understanding differences in the
types of entrepreneurship in the economy. SSRN. https://doi.org/10.2139/ssrn.2259740
Awadzi, C. (2019). African American female entrepreneurs: What keeps them successful? The
Journal of Business Diversity, 19(1), 10–14.
Balachandra, L., Fischer, K., & Brush, C. (2021). Do (women’s) words matter? The influence of
gendered language in entrepreneurial pitching. Journal of Business Venturing Insights,
15, Article e00224. https://doi.org/10.1016/j.jbvi.2021.e00224
65
Bandura, A. (2005). The evolution of social cognitive theory. In K. G. Smith, & M. A. Hitt
(Eds.), Great minds in management (pp. 9–35). Oxford University Press.
Baron, R. A. (2000). Psychological perspectives on entrepreneurship: Cognitive and social
factors in entrepreneurs’ success. Current Directions in Psychological Science, 9(1), 15–
18. https://doi.org/10.1111/1467-8721.00050
Bates, T., & Bradford, W. D. (2008). Venture-capital investment in minority business. Journal of
Money, Credit and Banking, 40(2/3), 489–504.
Bates, T., Jackson, W. E., III, & Johnson, J. H., Jr. (2007). Introduction to the special issue on
advancing research on minority entrepreneurship. Annals of the American Academy of
Political Science and Social Science, 613, 10–17.
Bates, T., & Robb, A. (2014). Small-business viability in America’s urban minority
communities. Urban Studies, 51(13), 2844–2862.
BLCK VC. (2022). State of Black venture. https://www.blckvc.org/state-black-venture
Bogdan, R. C., & Biklen, S. K. (2007). Qualitative data. In D. N. Caulley (Ed.), Qualitative
research for education: An introduction to theories and methods (5th ed., pp. 117–129).
Allyn & Bacon.
Brooks, A. W., Huang, L., Kearney, S. W., & Murray, F. (2014). Investors prefer entrepreneurial
ventures pitched by attractive men. Proceedings of the National Academy of Sciences,
111(12), 4427–4431.
Brush, C. G., Carter, N. M., Gatewood, E. J., Greene, P. G., & Hart, M. (2004). Gatekeepers of
venture growth: A Diana Project report on the role and participation of women in the
venture capital industry. SSRN. https://doi.org/10.2139/ssrn.1260385
66
Brush, C. G., Carter, N. M., Gatewood, E. J., Greene, P. J., & Hart, M. (Eds.). (2006). Growth-
oriented women entrepreneurs and their businesses: A global research perspective.
Edward Elgar.
Brush, C. G., de Bruin, A., & Welter, F. (2009). A gender-aware framework for women’s
entrepreneurship. International Journal of Gender and Entrepreneurship, 1(1), 8–24.
https://doi.org.libproxy2.usc.edu/10.1108/17566260910942318
Cabrera, E. M., & Mauricio, D. (2017). Factors affecting the success of women’s
entrepreneurship: A review of literature. International Journal of Gender and
Entrepreneurship, 9(1), 31–65. https://doi.org/10.1108/IJGE-01-2016-0001
Calder-Wang, S., & Gompers, P. A. (2021). And the children shall lead: Gender diversity and
performance in venture capital. Journal of Financial Economics, 142(1), 1–22.
https://doi.org/10.1016/j.jfineco.2020.06.026
Chamber of Commerce. (n.d.). Small business statistics.
https://www.chamberofcommerce.org/small-business-statistics/
Cheng, X., Gu, J., & Xu, Z. (2018). Venture capital group decision-making with interaction
under probabilistic linguistic environment. Knowledge-Based Systems, 140, 82–91.
https://doi.org/10.1016/j.knosys.2017.10.030
Chengappa, L., & Geibel, R. (2014). What European incubators can learn from their American
counterparts: An analysis of the critical success factors for a startup incubator. Journal of
Tourism and Hospitality Management, 2(1), 40–47.
Clark, R. E., & Estes, F. (2008). Turning research into results: A guide to selecting the right
performance solutions. Information Age Publishing.
67
Cohen, S., & Hochberg, Y. V. (2014, March 30). Accelerating startups: The seed accelerator
phenomenon. SSRN. https://doi.org/10.2139/ssrn.2418000
Cremades, A. (2016). The art of startup fundraising: Pitching investors, negotiating the deal,
and everything else entrepreneurs need to know. John Wiley & Sons.
Cremades, A. (2018, December 26). How funding rounds work for startups. Forbes.
https://www.forbes.com/sites/alejandrocremades/2018/12/26/how-funding-rounds-work-
for-startups/
Crenshaw, K. (1989). Demarginalizing the intersection of race and sex: A Black feminist critique
of antidiscrimination doctrine, feminist theory, and antiracist politics. The University of
Chicago Legal Forum, 164, 139–167.
Creswell, J. W. (2014). Research design: Qualitative, quantitative, and mixed methods
approaches (4th ed.). SAGE Publications.
Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed
methods approaches (5th ed.). SAGE Publications.
Crunchbase. (2020, October). Crunchbase diversity spotlight: Funding to Black & Latinx
founders. http://about.crunchbase.com/wp-
content/uploads/2020/10/2020_crunchbase_diversity_report.pdf
Daly, P., & Davy, D. (2016). Crafting the investor pitch using insights from rhetoric and
linguistics. In G. M. Alessi & G. Jacobs (Eds.), The ins and outs of business and
professional discourse research: Reflections on interacting with the workplace (pp. 182–
203). Palgrave Macmillan. https://doi.org/10.1057/9781137507686_10
68
Dawson, C., & Henley, A. (2012). “Push” versus “pull” entrepreneurship: An ambiguous
distinction? International Journal of Entrepreneurial Behavior & Research, 18(6), 697–
719. https://doi.org/10.1108/13552551211268139
Delgado, R., & Stefancic, J. (2001). Critical race theory: An introduction. NYU Press.
Dennis, W. J., Jr. (2011). Entrepreneurship, small business and public policy levers. Journal of
Small Business Management, 49(1), 92–106. https://doi.org/10.1111/j.1540-
627X.2010.00316.x
Dobbin, F., & Kalev, A. (2018). Why doesn’t diversity training work? The challenge for Industry
and academia. Anthropology Now, 10(2), 48–55.
https://doi.org/10.1080/19428200.2018.1493182
Ducheneaut, B., & Orhan, M. (1997, June 26–27). Women entrepreneurs in small and medium
enterprises: A major force for innovation and job creation [Conference presentation].
OECD Conference on Policy Evaluation in Innovation and Technology, Paris, France.
Ely, R. J., & Thomas, D. A. (2020). Getting serious about diversity. Harvard Business Review,
98(6), 114–122.
Fairlie, R. W., & Robb, A. M. (2007). Why are Black‐owned businesses less successful than
White‐owned businesses? The role of families, inheritances, and business human capital.
Journal of Labor Economics, 25(2), 289–323. https://doi.org/10.1086/510763
Fairlie, R. W., & Robb, A. M. (2008). Race and entrepreneurial success: Black-, Asian-, and
White-owned businesses in the United States. MIT Press.
https://doi.org/10.7551/mitpress/7961.001.0001
Fairlie, R. W., & Robb, A. M. (2010, January). Disparities in capital access between minority
and non-minority-owned businesses: The troubling reality of capital limitations faced by
69
MBEs. Minority Business Development Agency.
https://www.mbda.gov/sites/default/files/migrated/files-
attachments/DisparitiesinCapitalAccessReport.pdf
Fifteen Percent Pledge. (n.d.). Home. https://15percentpledge.org/
Foundation, E. M. K. (2016). Changing capital: Emerging trends in entrepreneurial finance.
SSRN. https://doi.org/10.2139/ssrn.2859883
Gallimore, R., & Goldenberg, C. (2001). Analyzing cultural models and settings to connect
minority achievement and school improvement research. Educational Psychologist,
31(1), 45–56. https://doi.org/10.1207/S15326985EP3601_5
Gold, S. J. (2016). A critical race theory approach to Black American entrepreneurship. Ethnic
and Racial Studies, 39(9), 1697–1718. https://doi.org/10.1080/01419870.2016.1159708
Gompers, P., & Lerner, J. (2001). The venture capital revolution. Journal of Economic
Perspectives, 15(2), 145–168. https://doi.org/10.1257/jep.15.2.145
Guerrero, M., Liñán, F., & Cáceres-Carrasco, F. R. (2021). The influence of ecosystems on the
entrepreneurship process: A comparison across developed and developing economies.
Small Business Economics, 57(4), 1733–1759. https://doi.org/10.1007/s11187020003992
Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2009). Business dynamics statistics briefing: Jobs
created from business startups in the United States. SSRN.
https://doi.org/10.2139/ssrn.1352538
Herring, C. (2009). Does diversity pay? Race, gender, and the business case for diversity.
American Sociological Review, 74(2), 208–224.
https://doi.org/10.1177/000312240907400203
70
Hewlett, S. A., Marshall, M., & Sherbin, L. (2013). How diversity can drive innovation. Harvard
Business Review, 91(12), 30.
Hoegen, A., Steininger, D. M., & Veit, D. (2018). How do investors decide? An interdisciplinary
review of decision-making in crowdfunding. Electronic Markets, 28(3), 339–365.
https://doi.org/10.1007/s12525-017-0269-y
House, B. (2000). Does economic culture and social capital matter? An analysis of African-
American entrepreneurs in Cleveland, Ohio. Western Journal of Black Studies, 24(3),
183–192.
Imenda, S. (2014). Is there a conceptual difference between theoretical and conceptual
frameworks? Journal of Social Sciences, 38(2), 185–195.
https://doi.org/10.1080/09718923.2014.11893249
Jones, N. N. (2017). Rhetorical narratives of black entrepreneurs: The business of race, agency,
and cultural empowerment. Journal of Business and Technical Communication, 31(3),
319–349. https://doi.org/10.1177/1050651917695540
Juma, N., & Sequeira, J. M. (2017). Effects of entrepreneurs’ individual factors and
environmental contingencies on venture performance: A case study of African-American
women-owned ventures. Journal of Small Business and Entrepreneurship, 29(2), 91–119.
https://doi.org/10.1080/08276331.2016.1248276
Kaplan, S. N., & Lerner, J. (2016). Venture capital data: Opportunities and challenges. National
Bureau of Economic Research. https://www.nber.org/papers/w22500
Kezar, A. J. (2001). Theories and models of organizational change. Understanding and
facilitating organizational change in the 21st century: Recent research and
conceptualizations. Jossey-Bass.
71
Kickstarter. (n.d.). About. https://www.kickstarter.com/about?ref=global-footer
Krathwohl, D. R. (2002). A revision of Bloom’s taxonomy: An overview. Theory Into Practice,
41(4), 212–218. https://doi.org/10.1207/s15430421tip4104_2
Kuratko, D. F., Neubert, E., & Marvel, M. R. (2021). Insights on the mentorship and coachability
of entrepreneurs. Business Horizons, 64(2), 199–209.
https://doi.org/10.1016/j.bushor.2020.11.001
Mansoori, Y., Karlsson, T., & Lundqvist, M. (2019). The influence of the lean startup
methodology on entrepreneur-coach relationships in the context of a startup accelerator.
Technovation, 84–85, 37–47. https://doi.org/10.1016/j.technovation.2019.03.001
Marshall, C., & Rossman, G. B. (2015). Designing qualitative research (6th ed.). SAGE
Publications.
McKeown, B., & Thomas, D. B. (2013). Q methodology (Vol. 66). SAGE Publications.
Merriam, S. B., & Tisdell, E. J. (2016). Qualitative research: A guide to design and
implementation (4th ed.). Jossey-Bass.
Merriam-Webster. (n.d.). Entrepreneur. https://www.merriam-
webster.com/dictionary/entrepreneurship
National Venture Capital Association. (2019). NVCA-Deloitte human capital survey report.
https://nvca.org/wp-content/uploads/2019/10/NVCA-Deloitte-Human-Capital-Survey-
2016.pdf
Orhan, M., & Scott, D. (2001). Why women enter into entrepreneurship: An explanatory model.
Women in Management Review, 16(5), 232–247.
https://doi.org/10.1108/09649420110395719
72
Patton, M. Q. (2002). Qualitative research and evaluation methods (3rd ed.). SAGE
Publications.
Pintrich, P. R. (2002). The role of metacognitive knowledge in learning, teaching, and assessing.
Theory Into Practice, 41(4), 219–225. https://doi.org/10.1207/s15430421tip4104_3
Prince, S., Chapman, S., & Cassey, P. (2021). The definition of entrepreneurship: Is it less
complex than we think? International Journal of Entrepreneurial Behaviour & Research,
28(9), 26–47. https://doi.org/10.1108/IJEBR-11-2019-0634
Project Diane. (2018). The state of Black and Latinx women founders.
Project Diane. (2020). The state of Black and Latinx women founders.
https://www.digitalundivided.com/reports/projectdiane-2020
Reuben, L. J., & Queen, P. E. (2015). Capital constraints and industry mix implications for
African-American business success. Review of Black Political Economy, 42(4), 355–378.
https://doi.org/10.1007/s12114-015-9210-9
Robb, A. (2002). Entrepreneurship: A path for economic advancement for women and
minorities? Journal of Developmental Entrepreneurship, 7(4), 383–397.
Sales, S., Galloway Burke, M., & Cannonier, C. (2020). African American women leadership
across contexts: Examining the internal traits and external factors on women leaders’
perceptions of empowerment. Journal of Management History, 26(3), 353–376.
Schein, E. H. (2017). Organizational culture and leadership (Vol. 5). John Wiley & Sons.
Schunk, U., & Usher, E. L. (2019). Social cognitive theory and motivation. In R. M. Ryan (Ed.),
The Oxford handbook of human motivation (2nd ed., pp. 11–26). Oxford University
Press.
73
Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research.
The Academy of Management Review, 25(1), 217–226. https://doi.org/10.2307/259271
Sharma, A. K. (2015). Venture capitalists’ investment decision criteria for new ventures: A
review. Procedia-Social and Behavioral Sciences, 189, 465–470.
https://doi.org/10.1016/j.sbspro.2015.03.195
Sherry, J. (2015). A data-driven look at diversity in venture capital and startups. CB Insights
Research. https://www.cbinsights.com/research/team-blog/venture-capital-diversity-data/
Stevenson, R., McMahon, S. R., Letwin, C., & Ciuchta, M. P. (2022). Entrepreneur fund-
seeking: Toward a theory of funding fit in the era of equity crowdfunding. Small Business
Economics, 58(4), 2061–2086. https://doi.org/10.1007/s11187-021-00499-0
Stevenson, R. M., Kuratko, D. F., & Eutsler, J. (2019). Unleashing main street entrepreneurship:
Crowdfunding, venture capital, and the democratization of new venture investments.
Small Business Economics, 52(2), 375–393. https://doi.org/10.1007/s11187-018-0097-2
U.S. Census Bureau. (2016). Survey of business owners (SBO) data – Survey results: 2012.
https://www.census.gov/library/publications/2012/econ/2012-sbo.html
U.S. Census Bureau. (2021). Number of women-owned employer firms increased 0.6% from
2017 to 2018. https://www.census.gov/library/stories/2021/03/women-business-
ownership-in-america-on-rise
U.S. Census Bureau. (2022). Black history month: Census bureau looks at nation’s black-owned
businesses. https://www.census.gov/library/stories/2022/02/increase-in-number-of-
united-states-black-owned-businesses-between-2017-and-2019.html
74
Uzuegbunam, I., Yin-Chi, L., Pittaway, L., & Jolley, G. J. (2017). Human capital, intellectual
capital, and government venture capital. Journal of Entrepreneurship and Public Policy,
6(3), 359–374. https://doi.org/10.1108/JEPP-D-17-00008
Statista. (2023). Value of venture capital investment in the Unites States from 2006 to 2022.
https://rb.gy/u3wyg
van Werven, R., Bouwmeester, O., & Cornelissen, J. P. (2019). Pitching a business idea to
investors: How new venture founders use micro-level rhetoric to achieve narrative
plausibility and resonance. International Small Business Journal, 37(3), 193–214.
https://doi.org/10.1177/0266242618818249
Van Yoder, S. (2003). Venture funding gets less venturesome: It’s become very difficult to get
capital for start-up enterprises, no matter how promising their ideas. Venture firms are
directing their money toward more proven entities. Financial Executive, 19(2), 32–35.
Warnick, B. J., Murnieks, C. Y., McMullen, J. S., & Brooks, W. T. (2018). Passion for
entrepreneurship or passion for the product? A conjoint analysis of angel and VC
decision-making. Journal of Business Venturing, 33(3), 315–332.
https://doi.org/10.1016/j.jbusvent.2018.01.002
Wheadon, M., & Duval-Couetil, N. (2019). Token entrepreneurs: A review of gender, capital,
and context in technology entrepreneurship. Entrepreneurship & Regional Development,
31(3/4), 308–336. https://doi.org/10.1080/08985626.2018.1551795
Wigfield, A., & Eccles, J. S. (2000). Expectancy–value theory of achievement motivation.
Contemporary Educational Psychology, 25(1), 68–81.
https://doi.org/10.1006/ceps.1999.1015
75
Wigfield, A., Rozenweig, E. Q., & Eccles, J. S. (2018). Achievement values: Interactions,
interventions, and future directions. In A. J. Elliot, C. S. Dweck, & D. S. Yeager (Eds.),
Handbook of competence and motivation (pp. 116–134). The Guilford Press.
Zhang, J. (2007). Access to venture capital and the performance of venture-backed start-ups in
Silicon Valley. Economic Development Quarterly, 21(2), 124–147.
https://doi.org/10.1177/0891242406298724
76
Appendix A: KMO Interview Question Crosswalk
Assumed influence Interview question
Knowledge
BFEs need to know what the decision-
making process of venture capitalists
entails. (K-F)
What do you know about the decision-making
process of venture capitalists? (IQ-4)
In what ways, if at all, do you think your
identity as a Black woman impacts the VC
decision-making process and your ability to
raise capital? (IQ-5)
BFEs need to know how to put a pitch or
business presentation together and
deliver it to investors. (K-P)
What information was most helpful to you in
preparing to pitch for venture capital? (IQ-1)
What elements are needed to deliver a
successful pitch deck or presentation to
venture capitalists, VC firms, or pitch
competitions? (IQ-2)
BFEs need to know what strategies will
help them be successful at gaining access
to funding. (K-M)
Reflecting on your experience with pitching,
what strategies did you use that you believe
helped you raise capital successfully? (IQ-3)
What information would be helpful for other
Black female entrepreneurs to know on their
journeys to raising capital? (IQ-6)
Motivation
BFEs need to believe there is value in
raising capital. (Expectancy value)
What factors led you to decide to raise capital
from venture capitalists for your business?
(IQ-7)
BFEs need to believe they have the ability
to raise capital from investors. (Self-
efficacy)
How confident do you feel about your ability to
raise capital for your business? (IQ-8)
BFEs need to have confidence in their
ability to deliver an effective pitch
presentation. (Self-efficacy)
Describe your level of confidence in delivering
an effective pitch presentation. (IQ-9)
Organization
77
Assumed influence Interview question
BFEs need to believe the venture capital
industry values diversity and inclusion.
How do you perceive the value placed on
diversity and inclusion within the venture
capital industry? (IQ-10)
BFEs need to believe the decision-makers
in the venture capital industry are open to
change that leads to an increase in
successful fundraising rounds.
How open to change do you perceive the
decision-makers in the venture capital industry
to be? (Prompts – Do you consider the
decision-makers to be resistant to change?
Why or why not? How does their openness or
resistance to change impact your efforts to
raise capital?) (IQ-11)
BFEs need to perceive the process of
pitching investors in the venture capital
industry as being fair and equitable.
What recommendations do you have for how the
process of pitching investors can be perceived
as fair and equitable? (IQ-12)
78
Appendix B: Interview Protocol
Thank you for agreeing to participate in this study. I appreciate you making time to meet
with me and answering my questions. As I have shared previously, the interview should take
about an hour to complete. Does that still work for you?
Before we begin, I want to remind you about this study, and answer any questions you
might have about participating in this interview. I am a doctoral student at USC and am
conducting a study on BFEs and their ability to raise capital. I am particularly interested in
understanding what factors motivate BFEs to pursue funding and how they perceive their ability
to successfully obtain it. I will interview several participants to gain information from a variety
of perspectives.
I assure you that I am here today strictly as a researcher, which means I will not be
making any judgments on your performance as a business owner or evaluating the success of
your business. My goal is to understand your experience and perspective. As stated in the Study
Information Sheet, this interview is confidential. Your name and feedback will not be shared
with anyone outside of the research team. The data for this study will be compiled into a report,
and while some of what you say might be used as direct quotes, none of this data will be directly
attributed to you. I will use a pseudonym to protect your confidentiality and will do my best to
de-identify any of the data I gather from you.
As stated in the Study Information Sheet, all data will be kept in a password-protected
computer and all raw data will be destroyed after the study is complete.
I will be using the recording feature in Zoom to accurately capture what you share with
me during the interview. The recording is strictly to help best capture your perspectives and will
not be shared with anyone outside the research team. After the interview, I will have the
79
recording transcribed into a transcript, and the recording will be deleted. May I have your
permission to record our conversation?
By participating in this interview, you acknowledge that you meet the criteria of being a
Black woman who owns a business in the continental United States, who has pitched for and
successfully raised venture capital. Do you have any questions regarding the study before we
begin?
Starting the Interview
I would like to start by asking you some questions about your business and your
experience with raising capital.
1. What information was most helpful to you in preparing to pitch for venture capital?
2. What elements are needed to deliver a successful pitch deck or presentation to
venture capitalists, VC firms, or in funding competitions?
3. Reflecting on your experience with pitching, what strategies did you use that you
believe helped you raise capital successfully?
4. What knowledge do you have about the decision-making process of venture
capitalists?
5. In what ways, if at all, do you think your identity as a Black woman impacts the VC
decision-making process and your ability to raise capital?
6. What information would be helpful for other BFEs to know on their journeys to
raising capital?
Next, I would like to ask you some questions about your reasons for pursuing capital.
7. What factors led you to decide to raise capital for your business?
8. How confident do you feel about your ability to raise capital for your business?
80
9. Describe your confidence level in delivering an effective pitch presentation, as a
strategy for raising capital.
Lastly, I would like to ask you a few questions about how you navigate the field of
venture capitalism.
10. How do you perceive the value placed on diversity and inclusion within the venture
capital industry?
11. How open to change do you perceive the decision-makers in the venture capital
industry to be? (Prompts – Do you consider the decision-makers to be resistant to
change? Why or why not? How does their openness or resistance to change impact
your efforts to raise capital?)
12. What recommendations do you have for how the process of pitching investors can be
perceived as fair and equitable?
Conclusion to the Interview
Thank you so much for sharing your thoughts and experiences with me. I appreciate your
time and willingness to share. Your feedback is incredibly valuable for my study. If I have any
follow-up questions, can I contact you, and if so, is email ok? Do you have any additional
questions for me at this time? You are welcome to reach out to me should questions arise. Thank
you again for your time.
81
Appendix C: Personal Document/Reflection Prompt Email Request
Hello, Participant Name.
Thank you for your continued participation in this research study on the journey to
raising capital for BFEs. Your contributions have been invaluable to the study thus far. The final
request in the process is a response to the reflection prompt below. Remember that your response
is optional.
The purpose of the reflection prompt is to learn more about your perceptions of the
journey to raising funding from venture capitalists. Your response will provide a final
opportunity for you to reflect upon and share any additional thoughts or insights that may not
have come up during the previous interviews.
You may deliver your response by replying to this email, using a minimum of 300 words,
or 2–3 paragraphs.
Please reply within 7 business days from this email.
Reflection prompt: If you could take the journey of raising capital over again, what
would you do differently?
Thank you,
Amber L. Wright
USC Rossier OCL Doctoral Student
82
Appendix D: Recruitment Email to Potential Participants
Hello, Prospect’s Name.
My name is Amber Wright, and I am a doctoral student at the University of Southern
California, in the Rossier School of Education. I am conducting a study on Black female
entrepreneurs and their experiences in raising capital for their businesses.
I am interested in interviewing you as a participant in the study. The study will include an
individual interview (up to 60 minutes), and a brief, written reflection, sent via email. Both
interviews will be conducted and recorded via Zoom.
If you are willing to participate in the study, please click the link below to complete a
brief 3–5-minute survey to help determine if you qualify for the study.
If you meet the criteria, I will contact you to schedule a date and time for your individual
interview.
Participation in this study is completely voluntary and your identity will remain
confidential during and after the study. [Survey Link]
If you have any questions, please contact me at alwright@usc.edu or (XXX) XXX-
XXXX.
Thank you for your consideration!
Amber Wright
83
Appendix E: Informed Consent Form
University of Southern California
Rossier School of Education
3470 Trousdale Parkway, Los Angeles, CA, 90089
STUDY TITLE: Black Female Entrepreneurs and Their Journey to Raising Capital:
PRINCIPAL INVESTIGATOR: Amber Wright
FACULTY ADVISOR: Dr. Wayne Combs
You are invited to participate in a research study. Your participation is voluntary. This document
explains information about this study. You are encouraged to ask questions about anything that is
unclear to you.
PURPOSE
The purpose of this study is to add to the literature and inform the field of venture capitalism, on
the experiences of Black female entrepreneurs who have pursued funding from investors. The
study will explore the knowledge, motivational factors, and organizational influences that impact
Black female entrepreneurs on their journey toward raising capital. The specific focus of the
study is on how this group makes meaning out the experience of pitching for funding. You are
invited as a possible participant because you are a self-identified Black female entrepreneur with
experience in raising capital for your business.
PARTICIPANT INVOLVEMENT
Interviews and a reflection prompt will be utilized to understand the lived experiences of the
participants. Participation in this study will require a 60-minute interview and a written reply to a
reflection prompt.
The individual interviews will be conducted and recorded online via the video conferencing
platform, Zoom. All recorded interviews will be transcribed by a transcription service within the
Zoom platform. Any identifying information will be deleted to protect your anonymity. There
will be backup copies of the interview recordings stored on the researcher’s computer. All video-
recordings will be deleted after completion of the dissertation defense.
PAYMENT/COMPENSATION FOR PARTICIPATION
There is no financial compensation for participation in this study.
CONFIDENTIALITY
The members of the research team and the University of Southern California Institutional
Review Board (IRB) may access the data. The IRB reviews and monitors research studies to
protect the rights and welfare of research subjects. When the results of the research are published
or discussed in conferences, no identifiable information will be used.
84
Your participation in this study is completely voluntary. There is no penalty for not participating.
You may also refuse to answer any of the questions asked of you.
You have the right to withdraw from the study at any time without consequence.
INVESTIGATOR CONTACT INFORMATION
If you have any questions about this study, please contact Amber Wright: alwright@usc.edu or
Dr. Wayne Combs, faculty advisor, wcombs@usc.edu.
IRB CONTACT INFORMATION
If you have any questions about your rights as a research participant, please contact the
University of Southern California Institutional Review Board at (323) 442-0114 or email
irb@usc.edu.
Abstract (if available)
Abstract
The purpose of this qualitative study was to explore and understand the experiences of Black female entrepreneurs who have successfully raised capital from investors. The study was guided through the conceptual framework of gap analysis, or knowledge, motivation, and organization framework developed by Clark and Estes. With venture capitalism framed as a field of practice, the study examined what the knowledge, motivation, and organizational influences were on BFEs’ perceived ability to raise capital and how they navigate the field to do so. The study’s relevance is rooted in the accelerated rate by which Black women are starting businesses compared to their counterparts, but lag behind them in their ability to raise the startup capital required to sustain that growth. Key findings of the study indicated that the participants (a) had minimal knowledge about the decision-making process of VCs before pitching to raise capital, (b) are motivated to pursue raising venture capital due to financial constraints and the limitations of bootstrapping, (c) they are confident in their ability to pitch investors and raise capital, and (d) there is a perception of little value placed on diversity and inclusion within the VC industry.
Linked assets
University of Southern California Dissertations and Theses
Conceptually similar
PDF
Capital allocation to Black female technology entrepreneurs
PDF
An exploratory study of women's advancement in the construction industry
PDF
Identification of barriers to mentoring and their impact on retention and advancement of underrepresented populations in the federal government
PDF
Motivation for participating in virtual religious communities: developing social capital
PDF
Increasing financial aid resources available to support low-income first-generation college students: an evaluation study
PDF
Using cultural capital skills as a woman of color in student affairs: what does it take to get ahead?
PDF
Employee satisfaction factors and influences: an evaluation study
PDF
The underrepresentation of African Americans in information technology: an examination of social capital and its impact on African Americans’ career success
PDF
Evolving warfare: adapting to all-domain operations
PDF
Access to capital for African American automotive dealership acquisition
PDF
Elevating mentees leads to organizational success
PDF
Promoting DEI to increase business performance: an evaluation of hiring practices
PDF
The perceived impact of racial microaggressions on the well-being of African American female workers in nonprofit organizations
PDF
Police recruitment: finding a better way to hire tomorrow's finest
PDF
Recruiting police diversity
PDF
An examination of the impact of diversity initiatives and their supporting roles on organizational culture: an experiential study from the perspective of diversity personnel
PDF
Evaluating technical support provided in online education for students with disabilities
PDF
Where are all the ""leadhers""? Female leaders' experiences in finance
PDF
Intersectional equity in higher education leadership: leveraging social capital for success
PDF
The role of executives’ knowledge and motivation in enabling organizational supports for diversity, equity, and inclusion
Asset Metadata
Creator
Wright, Amber L.
(author)
Core Title
Black female entrepreneurs and their journey to raising capital
School
Rossier School of Education
Degree
Doctor of Education
Degree Program
Organizational Change and Leadership (On Line)
Degree Conferral Date
2023-05
Publication Date
04/20/2023
Defense Date
03/10/2023
Publisher
University of Southern California
(original),
University of Southern California. Libraries
(digital)
Tag
Black women,entrepreneurship,OAI-PMH Harvest,venture capital
Format
theses
(aat)
Language
English
Contributor
Electronically uploaded by the author
(provenance)
Advisor
Combs, Wayne (
committee chair
), Hinga, Briana (
committee member
), Phillips, Jennifer (
committee member
)
Creator Email
alwright@usc.edu
Permanent Link (DOI)
https://doi.org/10.25549/usctheses-oUC113057154
Unique identifier
UC113057154
Identifier
etd-WrightAmbe-11671.pdf (filename)
Legacy Identifier
etd-WrightAmbe-11671
Document Type
Dissertation
Format
theses (aat)
Rights
Wright, Amber L.
Internet Media Type
application/pdf
Type
texts
Source
20230421-usctheses-batch-1027
(batch),
University of Southern California
(contributing entity),
University of Southern California Dissertations and Theses
(collection)
Access Conditions
The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the author, as the original true and official version of the work, but does not grant the reader permission to use the work if the desired use is covered by copyright. It is the author, as rights holder, who must provide use permission if such use is covered by copyright. The original signature page accompanying the original submission of the work to the USC Libraries is retained by the USC Libraries and a copy of it may be obtained by authorized requesters contacting the repository e-mail address given.
Repository Name
University of Southern California Digital Library
Repository Location
USC Digital Library, University of Southern California, University Park Campus MC 2810, 3434 South Grand Avenue, 2nd Floor, Los Angeles, California 90089-2810, USA
Repository Email
cisadmin@lib.usc.edu
Tags
entrepreneurship
venture capital