“Three Black founders have found success by tapping alternative funding sources or their own resources to nurture their ideas.”
“Having full control of my company may have been the best thing coming out of the significant challenge of raising money while Black,” explains Bowe.By the time Awotona and Bowe had tried to raise capital, entrepreneur Heather Hiles had developed thick skin to arm herself against the indifference she faced trying to raise money for an education venture in Silicon Valley.
Hiles recalls thinking she could attract investors because "dammit … they're all white and went to school at Stanford, and I've worked with them in philanthropy and they let me in the door to do that." But she was disappointed. "I wasn’t the type of person they were writing checks for, and I’m still not. We’ve created these barriers unnecessarily.”
Pathbrite was sold to Cengage in 2015 and is used in over 900 academic institutions. Hiles stepped down from her role as CEO after the company was acquired and served as deputy director for postsecondary success at the Bill and Melinda Gates Foundation. She then served briefly as president of Calbright community college—California’s online-only community college—before stepping down earlier this year.
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