The lawsuit filed by the American Alliance for Equal Rights (AAER) against Fearless Fund marked a pivotal moment in the ongoing struggle for equity in business. Fearless Fund, a venture capital firm created to support women of color entrepreneurs, reached a settlement, leading to the permanent end of its Strivers Grant Contest. Despite this outcome, Arian Simone, CEO and founding partner of Fearless Fund, remains focused on her mission.
“From the moment the lawsuit was filed, I pledged to stand firm in helping and empowering women of color entrepreneurs in need. I stand by that pledge today, and in fact, my commitment remains stronger than ever,” Simone said. She emphasized that her goal continues to be providing support for entrepreneurs historically overlooked by the venture capital industry.
The lawsuit, filed on August 2, 2023, challenged the Strivers Grant Contest on the grounds that it violated federal law. AAER argued that the program’s focus on Black women entrepreneurs breached a statute ensuring all Americans the right to make and enforce contracts without regard to race. The U.S. Court of Appeals for the 11th Circuit ruled in June 2024 that the contest likely violated this law. As a result, Fearless Fund made the difficult decision to close the program.
Despite this legal hurdle, Fearless Fund continues its broader mission. Arian Simone has received widespread support from civil rights leaders. Rev. Al Sharpton, founder and president of the National Action Network, praised her resilience. He noted that her commitment to equity in entrepreneurship is vital for creating lasting change.
“Arian Simone stood steadfast in her commitment to supporting those most often overlooked in our economy,” Sharpton said. “The attacks on Arian and the Fearless Fund reflect historic efforts to block opportunity. Her resilience is a testament to her dedication, and we owe her a debt of gratitude for her leadership.”
Sharpton highlighted that the lawsuit is part of a broader campaign led by right-wing legal activists to undermine Diversity, Equity, and Inclusion (DEI) programs. He connected this case to recent decisions by the Supreme Court, including the ruling that struck down affirmative action. Sharpton views these actions as part of a coordinated effort to dismantle progress made in achieving equity.
“Let’s not forget that the same right-wing legal activists who brought this case were the ones who pushed the Supreme Court to gut affirmative action,” Sharpton pointed out. “Diversity, equity, and inclusion became a target for the radical right. It is a tool they use to maintain systems that disadvantage already underserved communities.”
While the Strivers Grant Contest has ended, Fearless Fund remains committed to its original purpose. Alongside the Fearless Foundation, a nonprofit organization, the fund continues to provide women of color with essential resources such as capital, mentorship, and education. These organizations describe women of color entrepreneurs as “unrecognized economic powerhouses of our world.” The end of the Strivers Grant Contest does not signal an end to their efforts.
Edward Blum, president of AAER, urged Fearless Fund to broaden its grant program to include women of all racial backgrounds. According to Blum, race-specific programs like the Strivers Grant are divisive and illegal under federal civil rights laws. He emphasized that equality under the law should apply universally.
“Race-exclusive programs like the one the Fearless Fund promoted are divisive and illegal,” Blum said. “Grant programs should be open to all applicants, regardless of race. This principle is protected by our nation’s civil rights laws and is supported by the majority of Americans.”
Although the Strivers Grant Contest will not return, the conversation about DEI initiatives continues to spark debate. Sharpton pointed out that the dismissal of this lawsuit does not mean the fight for workplace diversity and equity is over. He emphasized that this battle will play out in various arenas, including boardrooms, legislative bodies, and universities.
“With the dismissal of this case, the immediate threat to DEI, workplace diversity, and free speech has been subdued for now,” Sharpton said. “But the fight to defend and promote workplace diversity will continue in boardrooms, state legislatures, universities, the White House, and beyond. We will not allow the radical right to dismantle the progress we’ve made.”
For Arian Simone, the closure of the Strivers Grant Contest is not the end of her journey. She remains dedicated to ensuring that women of color have the resources they need to succeed in entrepreneurship. The Fearless Fund and Fearless Foundation remain key players in helping underrepresented entrepreneurs realize their potential. Simone’s message is clear: her work is far from over.
“The Fearless Fund and Fearless Foundation will continue to be a vital resource to ensure everyone has a fair shot at the American dream,” Simone affirmed.
Fearless Fund’s story serves as a reminder that legal challenges cannot erase the impact of a mission focused on equity. While the end of the grant represents a setback, Simone’s unwavering commitment ensures that the broader fight continues. Black women entrepreneurs, long excluded from venture capital opportunities, will still have champions advocating for them. Simone’s leadership stands as a beacon of hope for those who seek to break through systemic barriers and achieve success.
This settlement is not the conclusion of the story for Fearless Fund. It is a moment to regroup and refocus efforts on providing access to capital and opportunities for women of color. Simone has made it clear that the fund’s mission has not changed, and she will continue pushing for equity in business. The legal battle may have closed one chapter, but the work of Fearless Fund will continue to write new ones.
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