The First Dollar Initiative
Building a thriving entrepreneurial ecosystem for minority-owned startups in Louisville, Kentucky.
The first dollar is often the most critical step toward a founder’s success. Our mission is to bridge the racial wealth gap and support entrepreneurs of color in accessing the early-stage funding they need to turn their visions into reality.
It takes money to start a small business. Entrepreneurs need cash more than anything else to begin to make their dreams a reality. You’ve likely heard of the “friends and family round” that provides that critical first dollar to entrepreneurs. This early capital often comes from wealthy uncles, grandparents, or investor friends or from personal savings or a credit card. In fact, 16% of small business owners borrowed from friends and family to fund their businesses, and 77% relied on personal funds.
For Black and brown entrepreneurs, successful business creation is stifled as they lack opportunities for asset creation and ownership, adding to the cycle of wealth inequality among communities of color. White business owners generally receive significantly more financial support and bailouts compared to Black business owners. And this is a vicious cycle that’s been repeated throughout history.
We envision a world where entrepreneurs of color fully participate in the mainstream economy and have the necessary resources to build generational wealth for themselves and their communities, particularly through successful business ownership. This trend of attainable ownership could significantly decrease the wealth gap between families of color and their white counterparts.
Download the First Dollar Initiative playbook to learn how we worked to implement this strategy, and how you can bring it to your community: