Firm announces $1 million investment to support women entrepreneurs of color in tech
JPMorgan Chase announced a $1 million investment to help Black and Hispanic women-led startups succeed. This innovative, data-driven investment to build and grow underserved entrepreneurs is part of the firm’s $150 million Small Business Forward initiative to provide flexible financing and other support to underserved women, minority and veteran-owned small businesses and applying what the firm has learned from small business investments in other communities.
Half of the investment, or $500,000, will support two projects focusing on an incubation program and a research study within DIDTechnology Inc. (“digitalundivided”), a social enterprise founded in 2013 to support Black and Hispanic women in innovation-focused entrepreneurship.
The other half of the investment will be used to launch the iNTENT Manifesto, an educational and investment platform based on good design, intent and investment to drive meaningful amounts of capital to women of color tech startups.
According to DIDTechnology Inc., women of color are the fastest growing segment of entrepreneurs in the U.S., with more than 1.5 million businesses (a 322 percent increase since 1997), yet they receive less than one percent of all venture investment. They are also far less likely to have the wealth, financial safety net, or friends and family network other entrepreneurs rely on to launch and grow their businesses.
“Women of color have not had equal access to the resources they need to be successful in business,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “My hope is that our investment continues to help unlock doors for Black and Hispanic women entrepreneurs to grow and showcase their tech startups to get ahead once and for all.”
For more details, read the full press release.