We are excited to announce that Project W's Tech Equity Hub will make non-dilutive grants available to members of its 2022 cohort. Like last year, our 12-week accelerator will provide our cohort of 8-10 women access to expert faculty and workshops focused on product design, marketing and sales, business strategy, finance, growth, legal, fundraising and personal development, as well as connections to accomplished mentors who will provide 1:1 deep dives. We hope that in combination with the grants, the Tech Equity Hub will continue its success from year one by providing Black and Latinx women in the tech startup space the resources that are so vital to startups.
Bolstered by the Great Resignation, Black-owned businesses increased at a rate of 38 percent while Hispanic-owned businesses increased by 15 percent. However, Black- and Brown-owned companies still do not have access to the same financial resources as their peers. Hispanic-owned businesses received only seven percent of PPP loans, while Black-owned business received only two percent. Further, Black and Latinx female entrepreneurs receive less than one percent of venture funding.
The Tech Equity Hub aims to close that gap. "Our cohort will not only have access to a robust curriculum designed to provide the women with the fundamental knowledge needed to run a successful business, but equally important, they will have access to Project W's extensive network of like-minded community members and investors," said Tanea Foglia, Director of the Tech Equity Hub. She continued, "Our 2021 cohort has proven that, given the resources, Black and Latinx women founders can be successful: three of the ten founders in our inaugural cohort have each raised between $1.4 and $2 million and many of the founders have secured important customer contracts, won pitch competitions, and been featured in the media." We hope to replicate these accomplishments with the 2022 cohort.
The application window for the 2022 Tech Equity Hub has closed. Watch for our announcement in the coming days of the 2022 cohort.