How might philanthropy change if we embrace black economic mobility as an inherent right and collective responsibility? Perhaps we, as financiers, should abandon the terminology of “risk”. automatically Do you recognize the expertise and empowerment of Black, African and Diaspora founders? Can we trust black and diaspora leaders to stand up for their communities? real Do close leaders need to be broadly supported to write their own meaningful measures of success and progress? This year Black Charity Month theme – Afro-futurism – has led financiers to ask just such questions, disrupt longstanding power imbalances and instead “Black implies a free future for life” Along with Afro-Futurist innovators who already know what we’re building next.
The request is very timely. While we’ve seen a groundswell of support for racial equality since the global protests of 2020, that fervor—especially among funders—has waned. Although $16.8 billion It has been promised since 2020, only between 3.4-4.2 billion dollars were actually given To racial justice and racial equality initiatives in the United States – more more than a third Among the top 20 recipients of racial equality are organizations “founded by white billionaires or large corporations that advance their theories of change in predominantly Black and Brown communities, often independent of or in direct opposition to leaders of the racial justice movement.” A combination of already declining financial support the new reactionary financier fears legal attacks Justice to acknowledge and redress the historical and ongoing exclusion of Black, Brown and Indigenous communities furthers this trend. Now, perhaps more influential than the zeitgeist decisions of 2020-2022, funders and intermediaries must choose where to direct our energies.
Funders play an important role in nurturing free futures through principled giving practices. Multiple thought leaders are paramount Edgar Villanueva of Decolonization Wealth Project and Released Capital— describe such free financing practices through three separate but related approaches. First, confront and dismantle key interpersonal and systemic biases to best support futurist innovators. Second, redefine risk to better facilitate transformative change. Finally, actively relinquish power to prioritize the uniquely effective experience that comes from being close to an issue.
Confront and dismantle prejudices: Funder bias can live in seemingly “objective” spaces like metrics and valuation. But anchored in Afro-futurist work will disrupt preconceived approaches to defining financial success metrics. At Echoing Green recent researchFifty-seven percent of Black, Indigenous, and people of color (BIPOC) social innovators reported not having enough time to make an impact due to unrealistic expectations set against short grant terms. Another fifty-two percent reported having to report on misaligned metrics that did not accurately reflect their organization’s performance. Finally, the bias for or against the judgments of BIPOC leaders determines who gets the solution in designing the grant terms – the funders or the leaders themselves.
Redefine risk: Open funding approaches create breadth and freedom for innovation, ideas, failure and deep investment, undermining the often biased system that reinforces funders’ perception of “risky” Black, African and African diaspora-led ventures. For example, it was built by Wellthi Gilliam Fontis changing the way women, immigrants and millennials save and invest. Their game-changing Virtual Advisor Technology software empowers users to achieve their goals by leveraging the power of community in a secure, convenient and transparent manner. Although Gilliam received seed funding, investors declined to further support the organization. In order to expand the app for widespread use, it required open funding approaches from adapted investors.
Actively redistribute/delegate power to close leaders: Afro-futurist leaders urgently and authentically envision a comprehensively just society to support Black bodies, minds, and the Black collective. For example, it was built by Black Outside Alexander BaileyNurturing holistic mental health and wellness for Black youth in Texas. The organization transforms open spaces into safe and equitable backdrops for Black people’s joy and freedom through culturally appropriate and restorative outdoor experiences by (re)constructing practices of ecological well-being in the Black community.
Founded by Wecyclers Bilikiss Adebiyi-Abiolareduce the impact of poor waste management and local environmental degradation on low-income households in Nigeria by creating accessible, incentive-based recycling systems. Based on the experiences of local communities and the desire of neighbors to improve the local environment, Wecyclers empowers the Black collective. Government and major philanthropic organizations have taken note by supporting Wecyclers to extend the positive benefits to other communities in Nigeria.
Fonta Gilliam, Alexander Bailey, and Bilikiss Adebiyi-Abiola each benefited from supportive funding partnerships that demonstrated liberating practices—challenging funder biases, redefining risk giving, and devolving power directly to leaders. Across geography and problem domain, Afro-futurist innovators continue to develop new solutions to intractable problems. Similarly, across geography and problem area, funders who recognize the expertise of innovators can spur future freedom. Black, African, and African diaspora leaders are charting a reimagined future on a daily basis. Charity, then, should listen.
