Underrepresented startups- Hidden diamonds
Tough competition in the market and a slow economy are the only topics in the business world nowadays. The world is going through tough times. There is political unrest, the covid situation, and racism. But do we stop? No. We know that whatever situation may arise, we have to adapt and then move on.
Every company wants to be successful, they want to make money. But people see the success, not the journey. Every successful company is once a mere startup. It takes dedication, time, and hard work. Lots and lots of hard work to reach the top.
Let me take you at the very beginning when you are just starting. You have an idea, did all the work, and now you are all set to enter the market. After entering the market, what’s next? What is that secret ingredient you need to boost your business? I’m sure all of you had these thoughts in mind.
What you need is to stand out.
What makes you different? What makes your product special? Why should a person choose you? If you have an answer to these, then that means you are on the right track.
But do you really think that the journey is going to be easy? There will be many problems you will have to face. You will have to face criticism, competition, and mocking. And that’s not all, it’s not even half of what women, people of color, and the LGBTQ community have to face.
The important thing many blooming business needs is investors. And another important thing is connecting them with the right startups. Yes, I know the investors are well capable of making a decision for themselves, but they also need help. And there are many options they can choose from.
Now, coming back to connecting investors with people. There is no denying that racism is on a rise in the country. There will be many who will deny it, some will turn their eyes away. And now a few will admit this. Racism has affected the business world as well.
There are many investors who will not invest because it’s run by people of color, or it is someone who belongs to the LGBTQ community. Even if their business is the right choice!
And women have been oppressed for decades, I do not need to write about that. Because then the whole writing will be about them. But the sad part is that it is happening still today, even after all the awareness we have. And the business world is no different. You see people criticizing female entrepreneurs, questioning them, and some outright ignoring them.
It’s true that there is an uproar in the world to bring more diversity to the business. But it seems only like “lip service”. A theory that:
Looks pretty on paper, but never turns into reality.
The world is filled with many talented people who can solve the world’s biggest problems. And they deserve a chance too. They should not be judged on the basis of their gender or color.
How to solve this problem?
Now, you know that there is a problem, but how to solve this? For the most part, it depends on the investor community. It depends on building relationships. And after building relations this can lead to funding, hence encouraging more people of color, and LGBTQ+ members.
There is a lot of media coverage and talks, but we see more talks and less action.
The government is releasing many reforms and changing ways. This is encouraging many people of color to come out and start the dream business they were hoping for.
Anyone from anywhere should have a fair shot at making a name for themselves in the business world. And that fair chance is lost if they do not have a proper representation or networks.
Networking is very important for any startup. Networking helps to build relations and raise funding. If people of color are entering the business world, they have zero networks. And when they try to build the networks, they are shunned. Yes, it is a difficult world, there is competition. But a warm welcome will not harm anyone.
Maybe give them a few key points to remember and what path to take. This will help you a lot in a long run too. Because if you need their help, they will help you too.
It is not a pipeline problem, people of color, the LGBTQ+ community is there. They are only overlooked. In fact, many people of color are running successful businesses, but in comparison it is low.
Building a diverse community
It is not an easy process. It is a long and hard journey. Yet there is a need to uplevel the playing field. People of color bring diversity, new ideas to the market. This symbolizes equality and no discrimination. Giving mentorship to all irrespective of their color or gender is vital now.
The winds are changing, there is a development. In recent trends, we see that more women and people of color are participating. They bootstrap their way and gather funds themselves. The accelerators and incubators are there, recognizing them. This gives many others hope for a better future in business.