The mics were hot at the Fighting for Economic Freedom fireside chat on the Global Black Economic Forum stage at ESSENCE Fest 2024. Fearless Fund co-founder and CEO Arian Simone’s nephew Carter Owens opened up the conversation with fighting words, stating his viewpoint of the current legal attacks on the venture capital fund.
As ESSENCE has previously reported, this past June a federal appeals court issued a ruling that the Fearless Fund grant program targeting Black women business owners was discriminatory. Ironically, the lawsuit brought by Edward Blum, known for fighting against college admissions affirmative action, was brought under Title 42 of the U.S. Code, which was put in place to protect Black Americans and preserve equal rights under the law.
As the precocious 10-year-old sees it, “She’s a Black woman putting money into the hands of other Black women to give them economic freedom. I find it interesting that that very same law that was meant to protect us is used to now attack my aunt and tear us down. Now I know I’m just a kid, so some of you may not understand that I understand, but I do understand completely.”
Owens continued his speech dropping even more truths, “this is happening because the majority is afraid of the minority gaining power. This is why they are doing this. My aunt said that just because it’s legal does not make it right. And she was right… So what I have to say is, you might have the power of the federal justice system, but my aunt has us, the people who know this is wrong, behind her, and that is why she will come out on top.”
It was a hard act to follow, but subsequently, Global Black Economic Freedom President and CEO Alphonso David joined Simone on the stage to continue the frank discussion.
“The last year has been a time of standing up for all of our rights, it’s not just about the Fearless Fund,” says Simone. “What is at stake is all of our economic freedom that they are threatening. I’ve had to not just run a venture capital fund, but I’ve had to do the job of making sure I’m advocating for the people at the same time.”
As the discussion continued, David brought up the concept of economic freedom and how it relates to venture capitalism. Simone deftly explained how small businesses are the key to job creation, and the Fearless Fund is creating thousands of jobs by their seed funding. “There is a domino effect. This is about you, your rights, your household, and your economic freedom.”
To Simone, “economic freedom means that I am free in the area of my economics. It’s plain and simple—if I cannot have access to cash that is able to fund my business, you’re violating my economic freedom.”
Even after setbacks, how does Simone stay inspired and not back down in this important fight? “I remain fearless when I hear stories of the people we have funded. We have educated thousands of women of color founders. We have awarded grants to over 500 businesses. We have invested seven figure checks into companies,” Simone proudly stated. “Prior to the Fearless Fund being in existence, the average [amount] fundraised for a black woman was $30,000, and we came on the scene cutting seven figure checks. That’s what’s encouraging the work and the impact.”