Seed At The Table creates crowdfunding business for Black entrepreneurs
Seed At The Table is a conglomerate of business leaders and entrepreneurs who’ve sought to provide assistance to entrepreneurs in need of funding. Crowdfunding that is… Business owners with an independent mindset, specifically, are sought out or welcomed with open arms to offer and sell securities through Seed At The Table’s funding portal at SeedAtTheTable.com.
Rolling out had an opportunity to learn more from the millionaire-minded group from Seed At The Table during a recent exclusive interview.
What is the name of your company and describe your role and responsibilities?
Our company is Seed At The Table, an equity crowdfunding portal that’s committed to helping diverse entrepreneurs raise capital.
Why create fundraising for Black companies and entrepreneurs?
As we see it there are essentially four main access points to capital for an entrepreneur. The first is an entrepreneur exhausting their own balance sheet (savings, credit cards, etc). The second is leveraging “friends and family” or angel investors assuming such a network exists which it rarely does for diverse entrepreneurs. Third, is going the bank route but banks rarely lend to those with limited revenue history or assets to serve as collateral. Fourth, is VC and it’s hard for all to get VC capital, let alone Black and Brown entrepreneurs as the data overwhelmingly indicates.
Given these limited options for Black and Brown entrepreneurs, we made it our mission to redefine the definition of friends and family! Now an entrepreneur can raise from true and quasi family members, neighbors, classmates, etc., instead of dealing with the frustration of only relying upon wealthy individuals and/or institutions.
What attracted you to becoming a partner?
I wanted to be able to be both a proud customer and investor of the companies I patronize. More importantly, I emphatically understand how hard it is to access capital or get a seat at a table that wasn’t intended for me and those that look like me.
Read more on the next page.
What does collective “Black Economics” mean to you as it relates to raising funds for the Black economic progress?
True economic progress is in the form of equity. As an entrepreneur, it’s narrow of me to ask other diverse consumers to support me because I’m Black while not allowing them to benefit from and participate in my growth journey. I want to win together!
Why is it important for more Black entrepreneurs to receive funding?
Black entrepreneurs need to invest in their biz. There’s no growth if you continue boot strap! Invest in people, process, and product. Raising money allows for that. It also allows for patience and sound decision making when you a capital stack that allows you to still operate in down months! This is a privilege many black companies aren’t afforded.
Why should Black people invest in Black companies that are raising capital?
Because they are thriving and your dollar isn’t taken for granted. As a Black consumer you get the founder and they get you. Both naturally move with the other in mind and understand each other.