Breaking Barriers: My Journey as a Minority Entrepreneur Transforming the Financial System

I have been fortunate to experience life as a woman — a brown woman, at that. Today, I am a two-time entrepreneur, CEO, and Founder of a company revolutionizing the financial system for micro and small businesses worldwide. I am the proud mother of two exceptional young women.

Success as a minority entrepreneur has required me to defy expectations and surpass stereotypes. I have risen above, working harder and smarter to overcome bias at every juncture. My determination to pursue my North Star — amplifying women’s voices, underserved communities, and our living planet and making them a part of the financial system — has fueled me. Every step has been uphill, and I have emerged resilient and more optimistic than ever.

In sharing my journey, I hope to ignite a fire within you. We have the power to challenge the status quo and forge an entrepreneurial landscape that celebrates the diverse potential of every individual.

Underrepresentation of Women and POC in the Financial Services Industry

The challenges faced by minority women entrepreneurs are multi-faceted. Only 12% of the top executives worldwide in the financial services industry were women, emphasizing the predominantly male-dominated nature within the global finance sector. Women hold only 7% of board seats in the financial sector across Asia and women of color are an even smaller fraction. Venture Capital firms are geared to favor certain demographics, and minority women often face bias and intersectional discrimination when seeking to grow their networks or access funding.

“I’d seen how quickly many potential investors had dismissed a brown woman. Whenever I entered the room with a male colleague — even if the man knew less than I did and had a less senior role — all eyes and ears were directed toward him instead of me. Now I was not only a minority woman but also a mother — in their eyes, a double liability.”— The Defiant Optimist

My first entrepreneurial endeavor was OneNest, the predecessor of Etsy in 2000 — a social enterprise connecting handmade goods to global markets. Our offices were nestled in downtown New York, and the story of OneNest became intertwined with the heart-wrenching events of 9/11. In the aftermath, I faced the devastating subsequent wave of discrimination directed at the color of my skin.

I persisted through the birth of my first daughter, the departure of my co-founders, and the arduous journey of raising capital, fiercely advocating for the thousands of craftspeople OneNest supported internationally. However, the story took a disheartening turn when new investors decided to usher in a white male figurehead and relieve me of my duties as CEO.

Despite these setbacks, my determination propelled me forward. With my second company, Impact Investment Exchange (IIX), I have gone to the source where the power lies — the financial system. I was determined to change the financial system and make it inclusive. Through pioneering initiatives such as the Women’s Livelihood Bond (WLB) Series, Impact Partners, and IIX Values, we have set out to redefine entrepreneurialism and create space for minority entrepreneurs.

The Women’s Livelihood Bond Series (WLB)

WLB connects the Back Streets of underserved communities to the Wall Streets of the world. It utilizes a unique fixed income (bond) structure to provide a platform for investors to support underrepresented entrepreneurs, particularly women-led businesses, and impact enterprises creating livelihood for women.

By bridging the gap and facilitating the flow of funding, resources, and opportunities, WLB creates financial inclusion, fosters economic growth, and empowers marginalized entrepreneurs.

Impact Partners

Impact Partners established a social stock exchange and private placement platform designed for impact investors and enterprises. By facilitating the flow of capital to underserved and underrepresented entrepreneurs, Impact Partners enables them to access funding and resources needed to grow and scale.

Impact Partners amplifies opportunities for minority entrepreneurs, promoting inclusivity and diversity within the financial system. The social stock exchange has unleashed the power of capitalism in a new direction, transforming finance and the entrepreneurial landscape.

IIX Values

Underlying WLB, Impact Partners, and the quest for sustainable markets is the need for impact measurement and verification to ensure growth happens with integrity. Impact confirmation by the stakeholders is an important step toward building accountability and transparency in the financial markets.

Measuring and publicly reporting companies’ environmental and social impact balance the traditional finance equation of risk and return. It introduces a third pillar, impact, yielding a progressive Risk-Return-Impact (RRI) model.

Collecting data directly from individuals at the last mile and various stakeholders impacted by the company’s operations enables issuers to incorporate RRI comprehensively into financial models. IIX Values is a data-powered technology platform that facilitates measuring, monitoring, and managing social and environmental impact and risks until the last mile. It is giving the voice of every stakeholder a value in the financial markets.

By disrupting existing paradigms with cutting-edge innovations in finance, IIX catalyzes positive change for posterity. Through our commitment to dismantling barriers and amplifying underrepresented voices, we are building an environment where minority entrepreneurs can flourish.

We dare envision a future that offers equal opportunities and levels the playing field for all. My experiences as a businesswoman and entrepreneur have been defined by compounding diversity — and the defiant optimism to keep going against overwhelming odds.

“Why do humans fundamentally fear difference, whether people or ideas? Why do we fight so hard to preserve the status quo? So much of the fear of including people different from ourselves, or breaking free from the status quo, is rooted in our perception of risk. This risk perception brings out a savior attitude, where we think we know what is best for the people we want to exclude and control. Inclusion simply means sharing power with others, no matter who or what they are. Inclusion means listening to all and embracing ideas and thoughts you may not always agree with. Inclusion means foregoing some of your own power in order to create greater social good. All this can be terrifying or exciting, depending on how you perceive risk.” — The Defiant Optimist

On Empowerment and Impact

Empowered individuals have the power to empower everyone. Every uphill step I’ve taken has been fueled by the aspirations of the poor I once gave alms to every Friday as a child. It was for the daughter I could have been — restricted from education in favor of marriage. It was for the women in Bangladeshi villages seeking financial empowerment, whom I taught to sign their names with sticks in the mud.

My fight continues so that my daughters and those that follow can live in a world that celebrates their multiple identities. Let me remind you of the immense impact that can be achieved when resilience, defiance, optimism, and idealism converge to pursue a more inclusive and equitable world.

I urge you to recognize your own capabilities. Now is the time to stand tall and unleash the boldness within. Together, we can create a future where everyone has the opportunity to thrive.

This article first appeared on When Women Inspire.

Anyone can make an impact and change the world. Start by empowering yourself with knowledge:

• Read about what we do at Impact Investment Exchange
• Join the Orange Movement
• Read ‘The Defiant Optimist’