As investment banking interns on Wall Street several years ago, Nathan Bennett Fleming and five of his Morehouse College fraternity brothers dreamed of finding a way to leverage the Internet to finance African-American startups.
Black entrepreneurs start businesses at a rate higher than non-minorities in the U.S., says Fleming, pointing to recent research, but many of their operations fail due to lack of sufficient funding. And though the annual buying power of African Americans is close to $1 trillion, minorities lack significant access to venture capital. The men wanted to build a dot.com that could match investors with business and nonprofit ideas that benefit their community.
In 2011, after earning a law degree from University of California, Berkeley and completing a graduate fellowship at Harvard’s Kennedy School, Fleming stumbled on an idea during a legal fellowship at the House Financial Services Committee in Washington. He was helping to draft the JOBS Act, which would legalizeRead More »from Their Dream: World's Largest Social Network of Black Innovators