Global Diversity Summit 2021: Creating Generational Wealth For BIPOC Founders
The Impact Seat’s Chief Innovation Officer, Cheryl Contee, recently joined The Inclusivity Project and Sheri Mac Enterprises for their inaugural Global Diversity Summit to discuss the concept of generational wealth, and how we can overcome the barriers to building generational wealth for BIPOC founders.
The recent pandemic opened many eyes across the country about how systemic issues like generational wealth played a significant role in the “K-shaped” economic recovery we’re currently experiencing in the US. As Cheryl states: “Generational wealth can mean help with paying for preschool, or help for a down payment on a house, or even receiving a family heirloom.” In 2020, studies found that those who had access to family aid (including the ability to live at home rent-free or help with a down payment on a home) during the pandemic were able to save — those who didn’t have family help sank deeper down into the poverty pit. Unfortunately, the latter predominantly affected Black and Brown communities the most.
In her keynote, Cheryl explores how we can begin to take action to close the wealth gap. In a diversifying America, the trends seen in the chart below demand our attention to drive social transformation and greater harmony.
The time to take action is now. At The Impact Seat, we know that there is an opportunity for venture capital to lead in building a new economy In addition to writing checks to underfunded entrepreneurs, we strive to demystify the investment process for ALL founders because we believe innovation is universal — it knows no demographic, region, gender nor ethnicity. The more transparency and knowledge is shared, the more wealth can be shared. Learn more at impactseat.com, or reach out to us directly via firstname.lastname@example.org