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Press Release
April 1, 2021
2 minute read

NJEDA and digitalundivided to Hold April 7 Instagram Live Chat to Promote Resources for Black and Latino Startups


“Removing Barriers for Diverse Entrepreneurs” Will Include  Overview of Recently-Proposed Black and Latino Seed Fund

TRENTON, N.J. (April 1, 2021) – The New Jersey Economic Development Authority (NJEDA) and Newark-based nonprofit digitalundivided today announced that they will hold an Instagram Live event on April 7, 2021 at 6:00 p.m. to highlight public and private resources available to entrepreneurs of color.

Nationwide, the innovation economy is facing a diversity crisis. According to Crunchbase, American companies raised a record-setting $150 billion in venture capital funding in 2020, but less than one percent of this went to Black-owned companies. The numbers are even worse for women. According to digitalundivided’s ProjectDiane, Black and Latino women received just 0.64 percent of total venture capital investment between 2018 and 2019.

During “Removing Barriers for Diverse Entrepreneurs,” NJEDA Chief Executive Officer Tim Sullivan and digitalundivided CEO Lauren Maillian will talk about ways their organizations are working to increase access to capital for minority-owned businesses and discuss initiatives created to empower Black and Latino founders, foster equitable entrepreneurship, and create the most diverse innovation ecosystem in the country.

Sullivan will also provide an overview of New Jersey’s proposed Black and Latino Seed Fund, which will focus on driving capital to Black- and Latino-owned enterprises. Governor Phil Murphy has proposed a $10 million Fiscal Year 2022 budget allocation to create the Fund.  

Members of the innovation community are encouraged to tune into the Instagram Live event by logging on to digitalundivided’s Instagram page and clicking on the IGTV icon.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 

About digitalundivided

digitalundivided is a non-profit, social startup that leverages data and advocacy to catalyze economic growth for Black and Latinx women entrepreneurs in innovation and technology. Our goal is to create a world in which all women of color own their work. digitalundivided merges data and heart to change the trajectories of women’s lives. We are a connector and a catalyst, supporting Black and Latinx women entrepreneurs through best-in-class programming, mentorship, training, resources and investment. We offer unparalleled thought leadership in the space. And we bring together the shared experiences of our community to produce ground-breaking authoritative research on Black and Latinx women entrepreneurs. For more information, visit: www.digitalundivided.com and follow us on Twitter (@digundiv) and on Instagram and Facebook (@digitalundivided).

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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