HOUSTON, Oct. 22, 2024 -- Uncle Funky's Daughter, a leading natural hair care brand, has partnered with Texas Southern University (TSU) to empower female entrepreneurs through the MPoWR Her Grant. This initiative, supported by a $50,000 endowment from The Rhoten Morris Family Foundation, will be awarded annually to an African-American female student at TSU's Entrepreneurial Hub, providing critical financial support for their startup ventures.
Uncle Funky's Daughter established $50,000 MPoWR Her grant for female entrepreneurs at TSU
This initiative is especially significant in light of the current entrepreneurial landscape. According to J.P. Morgan, African-American women are the fastest-growing demographic of entrepreneurs in the United States, increasing by a staggering 50% between 2014 and 2019, compared to the 24% increase among women-owned businesses overall. However, despite their growing presence, African-American female founders receive less than 0.35% of total venture capital funding in the U.S., forcing many to rely on personal savings and credit to fund their ventures.
A recent 2023 report from the Federal Reserve Bank revealed that 65% of Black women business owners rely on personal funds to start and grow their businesses, compared to just 55% of their white counterparts. The MPoWR Her Grant seeks to address this inequity by providing critical financial support to early-stage African-American female entrepreneurs, alleviating some of the financial barriers that often hinder business growth.
Renee Rhoten Morris, Uncle Funky's Daughter's Chief Curl Officer and founder of the Rhoten Morris Family Foundation, expressed the importance of the partnership, "We must create channels that change the playing field. HBCUs play an essential role in cultivating female African-American talent, and we're proud to be part of TSU's Entrepreneurial Hub, which will nurture the next generation of innovators. This grant underscores our dedication to empowering future female leaders, fostering education, and creating pathways for building generational wealth."
TSU, a historically Black university with a strong tradition of leadership and social change, will benefit from the partnership as it enhances its academic environment and attracts talented, entrepreneurial students. This collaboration, ahead of TSU's 100th anniversary, reflects the university's ongoing efforts to foster innovation and community empowerment.
Together, Uncle Funky's Daughter and Texas Southern University are charting a course toward a brighter future—one in which education, entrepreneurship, and community empowerment go hand in hand.
For more information about the MPoWR Her Grant and the partnership between Uncle Funky's Daughter and TSU, visit https://ktvz.com/cnn-regional/2024/10/08/texas-southern-university-triumphs-with-homecoming-2024-a-celebration-of-legacy-community-and-unstoppable-partnerships/.
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