Target has pledged to invest $2 billion in Black-owned businesses by the end of 2025. Since the pledge, the retailer has increased investments by more than 50% with Black-owned brands, companies and suppliers.
Now, more than ever, there are numerous funding opportunities available to BIPOC small businesses. GrantWatch.com is the leading grant listing directory and hosts more than 200 verified grants open to BIPOC-owned businesses.
Investing in the future with the ‘Forward Founders’ program
Recognizing the need to further support historically underrepresented founders, Target has recently launched the Forward Founders program. This accelerator program engages diverse early-stage companies looking to better understand retail.
Aiming to increase the next wave of wealth-building companies, Forward Founders helps BIPOC businesses navigate critical stages, including brainstorming, product development, and scaling for mass retail. Since launching, Forward Founders has supported more than 30 Black entrepreneurs and a total of 60 BIPOC founders.
Jasmin Foster was a part of the inaugural Forward Founders class. Her business, Be Rooted, is an inclusively designed stationery brand, which is now carried by Target.
“As a solo founder, the early-stage support, mentorship and insight the program offered was invaluable in bringing my vision to the next level,” said Foster.
What is an Accelerator Program?
An acceptance into an accelerator is a huge accomplishment! Additionally, these programs give young startups funding opportunities and mentorship. The key benefits of a startup accelerator include:
- Seed funding
- Private space/offices
- Pitch to potential investors
Furthermore, accelerators are playing an increasing role in startup communities. Unlike a standard grant, accelerators have the ability to teach valuable skill sets and proper management traits.