BrainTrust Founders Studios, founded in 2021 by Kendra Bracken-Ferguson and Lisa Stone to uplift Black beauty and wellness founders through mentorship, access to capital and community, has released its inaugural Economic Advancement Report.

The report details the platform’s progress toward fostering an inclusive industry, and includes data from NielsenIQ, Mintel, PEW and other firms depicting the power and influence of Black consumers, and the persistent challenges facing Black founders, such as barriers to funding.

“If you’re going to do something to support diverse founders, you’re truly going to have to move, because we saw everyone talking about it and excited about it [during the last few years], and now there’s been this shift where it’s like, ‘Are people still committed to underrepresented founders?,’ and for us, the answer is ‘yes,’” said Bracken-Ferguson, who is also chief executive officer of BrainTrust.

The platform counts Ron Robinson of BeautyStat, Nyakio Grieco of Thirteen Lune, Sharon Chuter of Uoma Beauty and Dorian Morris of Undefined Beauty among its 116 members to date (up from 26 members last February).

Earlier this year, BrainTrust led an $8 million investment round for inclusive retailer Thirteen Lune, which Thirteen Lune told WWD at the time would help the company reach profitability in 2023.

According to BrainTrust’s Economic Advancement Report, more than $43.9 million in venture capital has been raised to date across 30 of the platform’s member brands (concentrated in nine companies that have raised $40.2 million).

“Two things happen in recessionary climates: first, the room at the table gets smaller. The second thing is that, through the ‘lipstick effect,’ consumers tend to go out and buy more of what they actually want,” Stone said.

The report also taps social media data from CreatorIQ to demonstrate that, unless a Black-founded brand is specifically targeted toward one demographic, such as Black hair, Black-founded brands garner racially diverse consumer bases and generate widespread appeal.

“Even though the amount of funding aimed at Black women is frustratingly, woefully low, the power of the purse and the insistence of today’s consumer who controls the largest share of wallet, is what is going to help these products accelerate. So I say to allies: use the power of your purse,” Stone said.

BrainTrust is embarking on a series of case studies with Black beauty and wellness founders narrating their respective personal experiences and business journeys, slated for release in October.

“The most important thing for us is that we are providing the support that founders need to grow and accelerate their businesses,” said Bracken-Ferguson, who adds that through the platform’s app, recurring Founder’s House pop-up experience, and its upcoming founder series, BrainTrust is exploring new avenues to educate and elevate Black businesses.

s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘1378822052216463’);
fbq(‘track’, ‘PageView’);

Source link

Google search engine


Please enter your comment!
Please enter your name here