In a recent controversial court ruling, the Fearless Fund, known for its dedication to funding Black women entrepreneurs, was ordered to cease providing grants exclusively to this demographic. This decision has sparked heated debates about the future of targeted funding initiatives designed to level the playing field in the venture capital landscape. Amidst these challenges, Black women continue to defy the odds, and organizations like Black Women Talk Tech (BWTT) are stepping up to fill the gap and support this dynamic group of entrepreneurs.

“The Fearless Fund ruling is disappointing and underscores the need to support and resource more diverse investors and fund managers. But while the outcome attempts to slow progress, it hasn't stopped Black founders from finding new ways to scale and grow their businesses. At Black Women Talk Tech we promote multiple paths to access capital, and we'll continue to find and share every single opportunity within our network,” says Regina Gwynn, co-founder of Black Women Talk Tech. 

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Despite making up only 3% of the tech workforce, Black women are the fastest-growing group of entrepreneurs in the United States (in Canada that number is 2.5%). Even though they receive just 0.1% of venture capital funding, they are starting businesses at an impressive pace.

Esosa Ighodaro and Regina Gwynn recognized the absence of a clear roadmap to success for Black women in tech, so they decided to create their own. This led to the birth of BWTT. The idea took root in 2015 with the first “unofficial” Black woman founders' retreat, which underscored the need for a more formal gathering.

Fast forward two years, Esosa and Regina envisioned a space where Black women could come together to share experiences, network, and inspire one another in an industry where they are often underrepresented and overlooked. The very first BWTT: Roadmap to Billions event took place at Google, with 30 attendees (despite over 300 RSVPs). Since then, it has grown into an annual conference, attracting over 1,300 attendees. For the past 7 years, Roadmap to Billions has provided education, inspiration, and opportunity for over 10,000 attendees, facilitated vital conversations between founders and investors, and created funding pipelines for over a dozen women pitch winners to receive nearly $30M in VC funding.

The next stop in their journey is taking them across the border as they host Roadmap to Billions in Toronto, Canada for the first time this September 2024.  

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“We decided to bring Roadmap to Billions to Toronto because of the strong growth and energy we see in this amazing tech ecosystem. More Canadian founders are receiving investment from both CN and US resources, and so we want to expand that pipeline further with education, social capital and funding opportunities,” says Gwynn.  

With a line-up of prominent Black females in the tech space and a growing roster of sponsors and partners, this event will open up a space for Black women in tech to find the support and resources they need to grow thriving ventures in Canada. Since 2014, only 10 per cent of Canadian venture capital investment deals were with women. Figuring out how many of those deals were with Black women is impossible because no one bothers to keep track.  

According to a 2021 report, there is no comparable Statistics Canada data on Black women entrepreneurs in Canada and limited information on their profiles. The study says the existing research “highlights the barriers that Black women entrepreneurs experience while operating and growing their businesses, namely: access to financing, cost of borrowing, and access to equity or capital.”

According to The Business Development Bank of Canada, access to capital is the greatest hurdle for Black entrepreneurs with 82% self-financing their business from personal savings, and with 44% of Black entrepreneurs not being able to pay themselves from their business. 

One of the most impactful aspects of BWTT is its emphasis on networking and mentorship. The conference facilitates numerous opportunities for attendees to connect with industry leaders, potential investors, and fellow entrepreneurs. The spirit of collaboration is palpable, with many participants forming partnerships and finding mentors to guide them on their entrepreneurial journeys.

Despite legal setbacks and systemic barriers, Black women are proving that they can and will overcome. With the ongoing efforts of Esosa and Regina through BWTT, the community of Black female entrepreneurs is not only surviving but thriving. As they prepare to take their mission to Toronto, the impact of their work will continue to grow, helping more Black women break through barriers and build successful tech ventures.

In the face of adversity, the spirit of Black women entrepreneurs remains unyielding. They are creating their own roadmaps to billions, inspiring future generations to dream big and aim high, no matter the obstacles.