Two weeks ago, the U.S. Court of Appeals for the 11th Circuit ruled against the Fearless Fund’s Fearless Strivers Grant Contest. Their ruling found that this contest is “substantially likely to violate” the provisions of Title 42 of the US Code, which prohibits race from being a factor when awarding and enforcing contracts.
According to CNN: "The appellate court ordered a federal court in Georgia to enter a preliminary injunction blocking the fund from closing its grant application process while the case continues to be litigated . . . The court’s decision marks a victory for anti-affirmative action legal strategist Edward Blum, who filed a lawsuit last August against the fund on behalf of his group American Alliance for Equal Rights."
Shortly after the ruling, Fearless Fund CEO Arian Simone called the court's actions devastating:
"I am shattered for every girl of color who has a dream but will grow up in a nation determined not to give her a shot to live it," said Simone. "On their behalf, we will turn the pain into purpose and fight with all our might. America is supposed to be a nation where one has the freedom to achieve, the freedom to earn, and the freedom to prosper. Yet, when we have attempted to level the playing field for underrepresented groups, our freedoms were stifled."
While we don't yet know what Simone's next move will be to create a more equitable funding landscape for founders from marginalized communities, we do know that she doesn't quickly back down from a fight. Understand more about the passion, energy and long-term vision that she brings to her mission by listening to the audio recording of her presentation from SXSW 2024 via the link below;
https://lnkd.in/gkgBPncg
What does the ruling against the Fearless Fund mean for the future for startups led by women and people of color? How can non-traditional founders get a larger slice of the venture capital dollars if not for these kinds of programs?
If you have forward-thinking ideas creating a better ecosystem for entrepreneurs of all backgrounds, then you should enter a speaking proposal for SXSW 2025. The speaking proposal process opens on Tuesday, June 25 via the PanelPicker interface. Speaking proposals are accepted through the end of the day on Sunday, July 21.
https://lnkd.in/eSXnqtA
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