June 10th 2024.
Arian Simone, the Founding Partner and CEO of the Fearless Fund, recently called upon President Biden to take action in the fight for diversity, equity, and inclusion. She spoke out after an appeals court ruled that the fund could no longer provide funding exclusively to Black women businesses. In an interview with CNN's Abby Phillip, Simone expressed her concerns following the June 3 ruling. The 11th Circuit of the U.S. Court of Appeals voted 2-1 to uphold the injunction from Edward Blum's lawsuit against the venture capital fund and foundation.
Simone, who was speaking to Phillip from Cape Coast Castle in Ghana, was deeply troubled by the court's decision. As she stood at the site where slaves were once held before being transported to the Americas, she urged President Biden to take immediate executive action to protect diversity, equity, and inclusion. She emphasized the urgency of the situation, given the heavy right-wing efforts to eliminate these crucial principles. "We deserve the right to fund marginalized communities and demographics that have been shown to face racial disparities. And we need an executive order from the United States of America to stand up for DEI," Simone passionately expressed to Phillip when asked what else could be done. "We cannot solely rely on the court systems. We need our elected officials to take action and make a clear statement."
The recent ruling by the high court has been a victory for conservative activist Edward Blum, who claimed that the Fearless Fund's grant program was discriminatory. This ruling overturned a previous decision by a federal judge who had found the lawsuit to be unlikely to succeed based on the First Amendment. This decision came as a blow to the Atlanta-based Fearless Fund, whose mission is to increase venture capital funding for Black women. Furthermore, this ruling may have implications for other race-based initiatives in the private sector.
Simone highlighted that the fund was deemed to be in violation of Section 1981 of the Civil Rights Act of 1966, a law that was put in place after slavery to provide Black people with economic freedom by giving them the legal right to enter into contracts. She agrees with supporters who believe that these laws are being weaponized against Black people. "They have twisted the purpose of this law. It was meant to protect and provide, but now it is being used in court to dismantle diversity," Simone explained.
As DEI initiatives face elimination in various spaces across the country, including educational institutions and Fortune 500 companies, Simone's concerns have only intensified. She believes that this ruling will set a dangerous precedent for other venture capital firms. "People are looking to this as a benchmark for the future of VC. Black women are the fastest-growing entrepreneurial demographic, yet they receive the least amount of funding. And if an organization like the Fearless Fund can be stopped, then others will follow. We cannot let that happen," Simone asserted.
In the midst of this civil rights controversy, attorney Benjamin Crump has taken the lead in appealing for the Black-led grant program. The Fearless Fund, which was established to uplift and support Black businesswomen, now faces a difficult battle in the fight for diversity, equity, and inclusion. As Simone and her team continue to fight for their cause, they hope to see a change in the way the court system and laws are being used to hinder progress.
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