Local businesswomen launch Her-Wealth to support under-resourced WOC entrepreneurs
Her-Wealth, a business collective dedicated to providing business resources to women of color (WOC) entrepreneurs, announced their launch via virtual events on Black Friday, Nov. 27 and Small Business Saturday, Nov. 28, 2020. The launch weekend targeted WOC business owners and featured a virtual membership drive and virtual small business marketplace initiative. Her-Wealth amassed 150 members pre-launch and is offering free membership through the end of December.
Her-Wealth was founded by Houston-based, WOC entrepreneurs Michi Bruns, Deanna Laster of DeannaMichel Inc., and Councilwoman Dr. Letitia Plummer to address the disproportionate lack of business resources and capital available to WOC business owners. The web-based business collective aims to connect and provide WOC with business knowledge, networking, community resources and micro-funding.
The virtual event took place via live stream from 6 – 8 p.m. In addition to hearing from the founders, potential members learned about Her-Wealth’s mission and benefits from current members and had the opportunity to ask questions and join via the website or by texting “Herwealth” to 47177 in real-time. The event was open to all WOC business owners and operators and WOC allies, novice and seasoned, alike.
Her-Wealth is launching at a time where WOC entrepreneurs are in critical need of financial support. According to a 2019 American Express report, WOC-owned businesses made up 89 percent of the women-owned businesses launched each day between 2018 and 2019, the fastest growing demographic of business owners, yet, they still remain the least resourced. For instance, in venture capital, women receive only two percent of funding; WOC receive only 0.02 percent. Additionally, when WOC business owners pursue other funding sources, they are more likely to be discriminated against, denied credit and given higher interest rates than non-WOC business owners.
“As WOC, we face so many challenges from the conception of our business ideas to securing funding and sustaining our business ventures,” said Councilwoman Dr. Letitia Plummer, co-founder of Her-Wealth. “The average WOC-owned business only needs $500 to $2,500 to launch and, yet we still aren’t positioned to receive these necessary funds. However, when we come together in numbers to expose, engage and empower one another, we can actively combat the systemic forces that try to keep us down.”
Starting January 2021, membership pricing will be nominal, in order to support as many businesses as possible during the current, unprecedented times, at $5, $25 or $75 per month based on preferred benefits. For more information about Her-Wealth, visit www.her-wealth.com and the Her-Wealth Marketplace. The live event replay can be watched via this link.
Her-Wealth was founded in 2020 by Houston, Texas-based women of color (WOC) entrepreneurs Michi Bruns, Deanna Laster, and Councilwoman Dr. Letitia Plummer, with the goal of supporting women of color business owners. Her-Wealth is a network of ambitious WOC entrepreneurs that provides access to unprecedented business education resources, capital and networking opportunities.