The Future of Diversity in Beauty Is Funding

A discussion at The Wing on Diversity in Beauty had me reflect with a guest on how major companies throw around the terms “diversity and inclusion” to drive sales and attention to their brands. In beauty, Fenty set off a foundation war with companies trying to outdo themselves and come out with the most shades who had more limited ranges prior to Fenty’s launch. Beyond that, @_foundla pointed out venture capitalist statistics yesterday that show we could have taken this conversation a step further because diversity and inclusion in venture capital might even matter most of all because the VCs that control where the money flows determines the diversity of entrepreneurs and ideas that get funded. Changing the dynamic of who sits at the investment table can have a long-term impact on the brands that have the privilege of entering our homes in the future.

As a woman of color, the statistics can sound defeating. An article I just read stated that in 2018, out of $85 Billion in VC funding, only 2.2% went to female founders with WOC getting less than 1% of total funding. 🤯 I believe a key to help close the gap is to have women not only “supporting” other women but FUNDING other women, but would love to hear your thoughts or experiences. #foodforthought