As DEI Faces Backlash, Fearless Fund Co-Founder Ayanna Parsons Shares Her Plans to Continue Fighting for Equity
In a recent interview, Ayanna Parsons, co-founder of The Fearless Fund, discussed her commitment to driving diversity, equity, and inclusion (DEI) amid rising backlash. The Fearless Fund, a venture capital firm dedicated to supporting Black and Brown women founders, continues to make strides despite the challenging landscape.
Ayanna Parsons’ Journey
Ayanna Parsons’ career is marked by diverse roles in marketing, branding, and consulting, leading up to her co-founding The Fearless Fund in 2019. Her career path, including leadership roles at Procter & Gamble and the World Economic Forum, has always centered on promoting equity and inclusion.
“I was always headed towards equity and inclusion,” Parsons shared. “It’s manifested in various ways throughout my career, from Corporate America to entrepreneurship and now in venture capital.”
The Fearless Fund’s Impact
The Fearless Fund addresses a significant gap in venture capital funding for women of color. In 2022, only 0.39% of venture capital funding went to women of color, with a mere 0.13% allocated to Black women. Despite these dismal statistics, The Fearless Fund has successfully invested in over 40 women of color, helping them scale their businesses and achieve significant growth.
One standout example is Melissa Butler, founder of The Lip Bar, a cosmetics company that started in her kitchen and became the number one Black-owned beauty brand in Target. The Fearless Fund’s investment enabled Butler to innovate, expand her team, and increase her market presence.
Addressing DEI Backlash
Parsons highlighted the ongoing challenges DEI initiatives face, especially in the wake of the racial reckoning following George Floyd’s murder in 2020. While initial commitments to DEI were made by many corporations, there has been a noticeable decline in follow-through, compounded by legal challenges and public backlash against DEI efforts.
“We had two pandemics going on at the same time: COVID-19 and systemic racism,” Parsons noted. “The combination led to a racial reckoning, but four years later, we see silent backpedaling on those commitments.”
Parsons emphasized the importance of continued advocacy for equity, particularly as Black and Brown populations are projected to become the majority in the U.S. by 2044. She stressed that diversity in leadership is crucial for business success, driving greater shareholder value, revenue, and employee engagement.
Future Plans: From Fearless to Freedom
Looking ahead, Parsons is focusing on projects that promote financial freedom at scale. She and her husband are writing a memoir to share their story and inspire others. Additionally, Parsons plans to engage in more public speaking, consulting, and writing to drive change and support leaders and organizations in reaching their full potential.
“The notion of ‘from Fearless to Freedom’ is really what’s next for me,” Parsons explained. “To be free, you need financial freedom, and that’s what I’m aiming to help others achieve.”
Support the Cause
To support organizations and initiatives driving diversity, equity, and inclusion, consider contributing to:
- Fearless Fund
- NAACP Legal Defense and Educational Fund (LDF)
- National Fair Housing Alliance
- Other local and national civil rights organizations
Stay informed and engaged in the fight for equity and justice.
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