Global access to capital inequalities is more urgent than ever. This means that entrepreneurs and investors of color must be at the forefront. Christal Jackson’s Mosaic Genius Exchange is a membership-only platform that connects underserved entrepreneurs with capital. It is poised to disrupt the traditional vanilla-laced investor market. Venture capital dollars expected to reach $584.4 million by 2027 will start to diversify.
What You Need to Know:
According to the “Global Risks” Report of The World Economic Forum, it is vital to address inequity in capital access in order to maintain global economic stability. Jackson echoes Jackson’s sentiment about access to capital. He stated, “Our mission is to improve a system which is not working for everyone by creating a space to connect resources to Genius with a final goal of creating an economic health.”
Head and Heart Philanthropy created the Mosaic Genius Exchange with the support of the Surdna Foundation. This was at a time period when U.S. Black entrepreneurs only received $324 Million of venture capital dollars during the second quarter of 2022, Crunchbase data shows. There is no shortage of genius, but there are too many obstacles to making an inclusive economy that is sustainable for entrepreneurs who are not well-served. Crunchbase data shows over $324 million of venture capital dollars.
Jackson stated to CultureBanx, “When it comes entrepreneurs of color, one must be willing to venture beyond traditional spaces to find talent, meet people wherever they are, and build an ecosystem around them.”
Accessing Cultural Capital
The uniqueness of the Mosaic Genius Exchange is the network Jackson has built over the past 20 years in social impact. To create a unique ecosystem, Jackson carefully curated a network that includes VCs and Fund Managers, Founders, Corporations Foundations, Nonprofits, Government Officials, Celebrities, Influencers, and other stakeholders.
It is essential to work across industries and advocate for policy changes that will impact the system. Jackson stated that a primary example is that only 1% of trillions of dollars in institutional assets are allocated to diverse managers. Jackson also said venture capitalists can meet both their backers’ financial goals and financial challenges while still achieving the desired social return and closing the racial equity gap.
Situational Awareness:
Investors and corporations have been encouraged to take action on systemic racial- and gender inequalities. To close the racial wealth gap, Citigroup and Bank of America pledged $1 billion. Softbank launched a $100million fund for entrepreneurs of color. PayPal PYPL is putting 530 million toward supporting Black and underrepresented minority businesses and communities.
