Support The Fearless Fund: A Vital Resource for Women of Color
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The Importance of The Fearless Fund
This past summer, the U.S. Supreme Court’s decisions in Students for Fair Admissions v. Harvard and Students for Fair Admissions v. University of North Carolina sent shockwaves through various political circles. With a narrow 6–3 ruling, the Court effectively eliminated many college admissions policies traditionally associated with "affirmative action."
Public opinion on affirmative action varies widely, ranging from outright opposition to strong support. While I plan to address the Supreme Court’s missteps regarding affirmative action in a future piece, the recent ruling serves as a troubling precedent for the Far Right, which has now targeted The Fearless Fund.
Founded in 2019 by Arian Simone and Ayana Parsons, The Fearless Fund aims to support Women of Color in entrepreneurship by facilitating access to seed funding and venture capital.
One might expect that advocates of capitalism would view The Fearless Fund as a success story of the free market. However, the critics' actions reveal a disconnect between their rhetoric and their behavior.
The Attack on The Fearless Fund
I first became aware of The Fearless Fund while watching the September 8 episode of ABC’s The View. Arian Simone, alongside the fund's attorney, Ben Crump, highlighted the dismal fact that Women of Color receive just 0.39% of venture capital funding.
Through partnerships with major companies like Bank of America, General Mills, PayPal, Coca-Cola, Spanx, UPS, and Microsoft, The Fearless Fund has awarded over 360 grants and significantly increased the visibility of businesses owned by Women of Color.
However, Edward Blum from the American Alliance for Equal Rights has initiated legal action against The Fearless Fund, accusing it of racial discrimination. Blum has been open about his goal to eliminate all Diversity, Equity, and Inclusion (DEI) initiatives that involve contracts. Crump argues that Blum's justification for targeting The Fearless Fund stems from the Supreme Court's assertion that affirmative action provides an "unfair competitive advantage."
As Crump articulated on The View, Blum and his co-litigators seem to view Simone and Parsons as vulnerable targets. This sets a dangerous precedent; the SFFA ruling emboldened conservative groups to challenge race-conscious practices across various sectors.
Understanding the Context
A month earlier, Simone appeared on CBS This Morning, discussing the "proximity" factor in venture capital, noting that 92% of investors are White men. Often, these investors tend to support entrepreneurs who share similar racial or gender backgrounds.
Simone believes that diversifying investors will lead to diversified investments, providing crucial cash flow and job creation. Unfortunately, Blum is leveraging comments made by Chief Justice John Roberts in the SFFA ruling, which hints at the need to eliminate all racial preferences.
It’s crucial to recognize that the Supreme Court’s ruling on affirmative action in college admissions pertains to university access and taxpayer funding. This differs significantly from the voluntary capitalism practiced by Simone and Parsons.
The Fearless Fund operates as a private foundation, not reliant on taxpayer funding. Simone and Parsons create synergies to assist underserved groups without federal government intervention.
Irony of Small Government Advocates
Conservatives often espouse a commitment to "small government." However, if the government dictates that private organizations cannot consider identity in their support structures, isn’t that a form of big government interference in capitalist choices?
Consider the implications: Should organizations like the American Cancer Society cease operations for not prioritizing other health issues? Should the Center for Rural Development be dissolved for not addressing urban sprawl? Such arguments expose the absurdity of Blum’s lawsuit.
The Reality of The Fearless Fund
The Fearless Fund is simply fulfilling its mission to uplift entrepreneurs who lack systemic support in the U.S. through private investments. This initiative embodies the very essence of capitalism that Republicans profess to cherish.
Discussions on reviving affirmative action are essential, especially in public domains, provided they are clearly defined and transparent. However, Blum's manipulation of the Supreme Court's language to promote an unrelated agenda is disingenuous.
Ultimately, this discourse isn't just about The Fearless Fund; it's about protecting the rights of businesspeople to support initiatives that combat systemic racism and misogyny.
Embracing one’s identity, provided it does not harm others, is a core American value. Supporting those facing adversity while fostering communal uplift is integral to our shared history and constitutional ideals.
This first video features Arian Simone discussing the current status of The Fearless Fund, ways to support it, and more insights on its impact.
In the second video, experts analyze what the potential settlement of The Fearless Fund could mean for the future of Diversity, Equity, and Inclusion initiatives.