July 18th 2023.
This week, Cincinnati is set to welcome Emmy-nominated actress, producer, and tech investor Issa Rae as the keynote speaker for the ninth annual Black Tech Week. The event, which takes place from July 18-20, is expected to draw upwards of 3,000 entrepreneurs and investors with a mission to increase the number of Black professionals in the tech industry.
Black Tech Week was acquired by Lightship Foundation CEO Candice Matthews Brackeen in 2022 and showcases a diverse lineup of 120 speakers, including Rae and REVOLT CEO Detavio Samuels. Brackeen is a prominent advocate for Black tech professionals and has been vocal about encouraging private fund managers and the government to invest in minority-led startups.
"We're seeing more and more Black women, Black men coming into venture funds as analysts, associates and growing into partners," she said. "I would say the numbers are getting better in that space and as that happens, I think we'll see more folks getting funded."
However, recent studies show that the number of Black tech founders in the U.S. is still lagging behind. According to Tech Crunch, only $2.254 billion out of the $215.9 billion in U.S. venture capital allocated in 2022 was raised by Black founders - representing a 1% drop from 2021.
Michael Moore, founder of Black Achievers and former IT project manager for Fifth Third Bank, believes that the issue lies in the lack of relationships between Black founders and investors. He believes that by getting more Black professionals and their white colleagues together in the same room, it will help build trust and understanding.
"If you're a VC funder and you just don't have African Americans as part of your network, then what starts to happen is people begin to understand they have shared interests," he said.
Black Tech Week will be hosting events at a variety of Cincinnati venues, including Music Hall, Memorial Hall, Washington Park, and the Transept. Issa Rae is also taking her commitment to the Black community one step further through the Backing Change Initiative, which seeks to provide opportunities for Black-owned businesses.
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