Event Aims to Bridge Gap Between Startups and Investors Amid Funding Challenges for Underrepresented Founders
Esosa Ighodaro, co-founder of CoSign, an innovative app streamlining shopping from social media, highlights how invaluable her experience within the Seamless Accelerator program was during her fundraising journey. The accelerator enabled her company to successfully raise $1.4 million through three key investors. "It was a pivotal moment for me as a first-time entrepreneur," she states. The accelerator program not only sharpened her understanding of defining problems and navigating the complex fundraising landscape but also ingrained the importance of having robust support systems. While there is often a strong emphasis on bootstrapping in entrepreneurship, Ighodaro argues that success often hinges on the networks and resources provided by such programs.
In her role as the founder of AcceleratorCON, set to take place in Brooklyn, New York, on November 8, Ighodaro seeks to facilitate funding opportunities for fellow entrepreneurs. This upcoming event aims to connect startups and accelerator leaders in a unique format akin to a sports draft. The Brooklyn Navy Yard will host various influential speakers, including marketing mogul Seth Godin and startup pioneers Ankur Nagpal and Carry and Reham Fagiri, reinforcing the event’s potential to spark critical conversations around funding and scaling businesses.
With alarming statistics revealing that only 2.3% of venture capital funding reaches female founders and a mere 0.48% targets Black entrepreneurs, Ighodaro stresses the necessity of re-examining existing investment paradigms. "The tech investment landscape thrives on relationships," she points out. Many potential founders lack the traditional networks that could facilitate their entry into this space, prompting Ighodaro to create an environment at AcceleratorCON where founders can engage directly with investors—a process typically requiring an established introduction. This initiative aims to dismantle barriers that often stymie the growth of underrepresented entrepreneurs.
Ighodaro’s involvement with Pipeline Angels and her position as a venture scout with Barclays Bank Formation Investment (BBFI) reflect her commitment to aiding those without traditional support structures. She aims to leverage her experiences to foster connections between underrepresented founders and potential investors. Research indicates that participation in accelerator programs significantly enhances fundraising success, particularly for women and founders of color, leading to increased survival rates and acquisition possibilities for startups involved.
Identifying the lack of communal resources in tech during her own early entrepreneurial journey, Ighodaro co-founded Black Women Talk Tech, focusing on scalable entrepreneurship within the Black female demographic. This initiative has evolved into a supportive network offering tailored resources, aiming to empower founders in ways previously unavailable. With over 3,200 accelerator programs identified on Crunchbase, she recognizes a substantial gap between available opportunities and founder awareness, leading to her current mission of connecting them with vital investment avenues and resources.
After transitioning AcceleratorCON online due to unforeseen weather conditions in previous years, Ighodaro expresses enthusiasm for hosting the event in person, citing the exceptional need for funding access among underrepresented entrepreneurs. Access to capital, she insists, is crucial for a thriving startup ecosystem, particularly for those who may struggle to secure it through traditional means. With this event, Ighodaro is poised to not only support other founders’ fundraising initiatives but also to create a lasting impact on how underrepresented groups navigate the often-exclusive world of venture capital.
