You probably know about the wealth gap in the U.S. But how are corporations using their influence to bridge that gap? Nat Remy is the chief of partnerships and community for NYCE Companies. This real estate development firm focuses on luxury highrises. But after conducting research, they realized the absence of real estate ownership is the No. 1 cause of the racial wealth gap. The first step in tackling a problem like this gap is awareness. Now that they’re aware, their focus is spreading financial literacy. And the ultimate goal is to create 100,000 millionaires of color. Remy chats with Bold TV about obstacles and resources for millennial entrepreneurs of color.
Hurdles for entrepreneurs of color
Real estate ownership is a big cause of the racial wealth gap in general. But for young entrepreneurs of color, their main obstacle is fundraising. Black women have a very high level of entrepreneurship, but they lack the funding to fully launch their business. Women’s companies are the least funded in the venture capital (VC) space. Another challenge in business is opportunities for growth. Since equality is a hot topic, many companies publicize inclusivity. But their leadership roles may not reflect that diversity.
Find and use available resources
So you’re aware of a wealth gap and challenges in entrepreneurship. What steps can you take toward success? First, fully embrace fundraising. More and more businesses are surviving on fundraising alone. But for investors to show interest in your ideas, you need a mission. Pinpoint your why. When you believe you’re doing something important, others will catch the vision, too. Second, find an audience that will relate to your mission. When you pitch, the potential investors should be personally invested in your goals. Find people passionate about your why. Dedicated people will bridge the wealth gap if they continue to spread awareness, work hard and educate others.
For more on the wealth gap, check this out.