TORONTO--(BUSINESS WIRE)--Today, the National Angel Capital Organization (NACO) and the Bay Mills Investment Group are pleased to announce a new partnership to create the Black Presidents Club, a first of its kind in the investment community. This group of business leaders will be charged with investing in, guiding and championing young Black entrepreneurs and creating the next generation of Black presidents, CEOs and senior leaders.
Leveraging the networks and expertise of both organizations, this new group will work to address the inequities faced by Black entrepreneurs by providing them with crucial resources to grow their businesses in communities in southern Ontario and across Canada.
“The disproportionate effects of this pandemic on Black communities can’t be ignored. As we look towards economic recovery, now is the time for business leaders and investors to make a significant effort to support Black entrepreneurs,” says Sheldon James, CEO at Bay Mills Investment Group. “The actions we take today can have an incredible impact for generations to come.”
Recent reports show that Black-owned startups receive less than 1% of venture capital funding. Without this support, many early-stage companies will continue to face barriers to growth and their potential economic and social impact will go unseen. A recent study commissioned by the African Canadian Senate Group and Senator Colin Deacon found that Black entrepreneurs face significant barriers to success. 76% of survey respondents reported that their race makes it harder to succeed as an entrepreneur and access to capital was reported as the number one challenge by a large margin.
Early-stage investors provide much more than just capital, often mentoring entrepreneurs and providing access to their own professional networks to drive the business forward. Without access to these supports at the crucial early-stages of development, many businesses will fail to grow.
“This new partnership will mobilize early-stage capital for Black-led businesses and help raise up the next generation of great Canadian success stories,” says Claudio Rojas, CEO of the National Angel Capital Organization. “Entrepreneurship drives economic development by introducing new innovations and creating jobs and wealth in local communities. Funding Black entrepreneurs is a powerful way to drive widespread change and create inclusive prosperity.”
For more information, please visit www.blackpresidents.ca.
National Angel Capital Organization (NACO) members have invested over $1 billion into more than 1,500 Canadian companies. Established in 1998, NACO pioneered the “access to capital” movement and led the formation of angel organizations in Canada. As the only national platform for both angel investors and the innovation hubs that support Canada’s entrepreneurs, its national network includes 4,200 angel investors, 45 incubators and accelerators, and 44 angel groups. www.builtbyangels.com
About Bay Mills Investment Group
The Bay Mills Investment Group supports and mentors young Black, Indigenous and People of Colour (BIPOC) to build profitable businesses, helping them to deliver real and lasting returns to their shareholders. Through bringing equitable access to growth capital and other resources, we will aid in bridging the gap between underrepresented founders and enduring business opportunities—because diverse leaders matter. https://bmiginc.com
Available for Interviews:
Claudio Rojas, CEO of National Angel Capital Organization
Sheldon James, CEO of Bay Mills Investment Group