Glossier, Sephora, and Shea Moisture are building “a more inclusive ecosystem.”

Glossier, Sephora, and Shea Moisture are building “a more inclusive ecosystem.” Following the Black Lives Matter protests last summer, companies across the country pledged over $50 billion to dismantle systemic racism. However, Black entrepreneurship was one of the most overlooked areas for investment. YPulse’s Life Plans, Rewritten trend research found that 70% of 13-39-year-old Black consumers aspire to be an entrepreneur, and according to a McKinsey report, Black entrepreneurs started with $35,000 in capital compared to their White entrepreneur counterparts’ $107,000. For the first half of 2021, Black entrepreneurs received only 1.2% of the $147 billion in venture capital invested in U.S. start-ups. Beauty brands including Glossier, Sephora, and Shea Moisture have all “taken a stand” to build a more inclusive beauty ecosystem by funding and supporting Black-owned beauty businesses. Glossier launched the Grant Program for Black-Owned Businesses, which is open to any Black-owned beauty brand, and recipients have monthly advisory calls with domain experts, including supply chain, packaging, and content strategy. Sephora took the 15 Percent Pledge, and launched Sephora Accelerate, a brand incubator focused on founders of color offering a six-month intensive bootcamp that gives them the opportunity to have their products featured on the retailer’s shelves, while Shea Moisture partnered with Brown Girl Jane to launch the #BrownGirlSwap Grant Competition, which provides $150,000 worth of grants and mentorship. (Adweek)