"It's about giving people of color the same opportunities" - Serena Williams on co-sponsoring $1million initiative with Michael B. Jordan
Earlier this year, Serena Williams and Hollywood actor Michael B. Jordan joined hands for a unique initiative. The two global superstars helped put together a 'start-up pitch competition' for budding entrepreneurs of color from historically black colleges and universities (HBCUs).
Several start-up founders presented their business ideas during the course of the competition. Khalid David of Morehouse College eventually won the grand prize of $1 million for creating an online platform called 'Tracflow', which allows contractors to track the flow of costs in their businesses.
David was presented with his award at a recent ceremony organized by Michael B. Jordan, midway through an HBCU alumni basketball event. And Serena Williams, who invested in the competition through her organization Serena Ventures, used the occasion to talk about the vision she had while taking up the initiative.
Williams highlighted how the competition provided people of color an opportunity to earn funding for their businesses.
"It's so amazing to give people who have gone to HBCUs an opportunity to invest in different ideas," the 40-year-old said. "We see a lot of venture companies investing in a lot of people but it's really just about following people and women of color and giving them the same opportunities."
"We did partner up with MaC Ventures," she added. "Which is why we have Michael B. Jordan there, so we both together gave away that $1 million to HBCU alumni."
.@serenawilliams X @michaelb4jordan 📸🔥
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The 23-time Grand Slam winner further revealed she has always been passionate about unique ventures, and that she has been investing in companies for over eight years now. Williams founded her venture capital fund Serena Ventures in 2014.
"I started investing eight years ago, which is what I've been doing for a really long time," the 40-year-old said. "My dad always talked about planning and so while I'm playing tennis I'm still doing other things on the side. Ventures are something I've been passionate about."
"We are excited to continue closing the gap on funding for black entrepreneurs" - Serena Williams
Serena Williams later took to Instagram to congratulate the winning entry, and also shed light on the importance of providing a platform to entrepreneurs of color. Williams highlighted how Black entrepreneurs receive a dismal 2% of venture capitalist funding, which makes shrinking the gap in opportunities quite important.
"We’re so proud of all the finalists and are excited to continue closing the gap on funding for Black entrepreneurs, who receive less than 2% of VC funds," Serena Williams wrote on Instagram. "Congratulations to all the competitors and the winner! Let’s keep making awareness and keep it going!"