Inspire Access, a nonprofit that seeks to address inequities in gender and racial investment, has announced the launch of a new platform to steer philanthropic funds to companies led by women and people of color.
The nonprofit seeks to leverage the $234 billion in charitable dollars currently parked in donor-advised funds (DAFs).
By making a charitable contribution to Inspire Access from DAFs, personal funds or private foundations, donors can recommend an investment in an underrepresented founder through a working-capital loan, direct equity investment or limited-partnership position. And any financial returns go back into the donor's charitable account.
“Today, less than 3% of investment capital goes to women and people of color, which is a startling statistic,” said Patrice King Brickman, founder and CEO of Inspire Access. “By restricting financial access to this group of remarkable leaders, we lose the potential for powerful new companies that are solving problems in creative and effective ways.