There has been a rise in interest in entrepreneurship from the Black community. According to the Pew Research Center, more than one-in-five Black adults in America say owning a business is essential to financial success. However, entrepreneurship opportunities are often limited by financial barriers. To remedy that, The Lip Bar’s founder Melissa Butler is taking matters intro her own hands.
The company is now breaking ground with its newest initiative: the Bawse Ventures grant program. This micro-fund program aims to provide support and seed funding to BIPOC and women entrepreneurs. Butler’s company has always been synonymous with authenticity, inclusivity and empowerment. By adding the Bawse Ventures grant program, Butler is taking her commitment to the next level.
The program offers up to $25k in funding to three deserving business owners. However, for Butler, it’s not just about the money. It also provides mentorship and access to networks to the entrepreneurs, ensuring that they have the support they need to thrive.
Butler’s inspiration for Bawse Ventures stems from her own experiences navigating the challenges of entrepreneurship. From lack of capital to limited resources, she understands the obstacles that BIPOC and women entrepreneurs face all too well. Through Bawse Ventures, Butler is paying it forward, providing opportunities for others to turn their dreams into reality.
“I absolutely started it because of … my experience knowing what it was like starting out and needing to start with my own money,” Butler told 21Ninety. “Funds are very limited, especially now [while] we’re in the middle of a recession. Food is very expensive, but Black people specifically are starting businesses faster than any other group, and I don’t want that [statistic] to change.”
Celebrating her 12 years in business, Butler is using this grant program to help give back. She asserts that the company survived because it was built as a “community business.” Since the community supported her and given her so much, she wants to pour back into it.
The grant program’s eligibility criteria reflects Butler’s dedication to supporting serious entrepreneurs. The application has a minimum revenue requirement, which only serves to ensure that committed grant recipients apply.
“I decided to have that $50,000 revenue requirement because I really wanted to make sure that I got some serious business owners,” Butler said. “I want to be able to offer mentorship, so I need something to work with.”
Mentorship has played a crucial role in Butler’s own success and the success of The Lip Bar. From securing funding to navigating challenges, having mentors by her side has been a game-changer. Through Bawse Ventures, Butler is extending this lifeline to other entrepreneurs. She intends to give them the opportunity to learn from her experiences and connect with industry leaders.
“[Mentorship] changed my life, period,” she said to 21Ninety. “The first round of funding that I raised was through my mentor, Rich Dennis. When he sold Shea Moisture, he created a fund to invest in Black women and The Lip Bar was his second investment. Having him in my corner to be able to ask questions or have access to his network of people who know how to drive and grow CPG brands literally changed the game.”
Butler also notes the importance of having friends who can double as mentors.
“I remember when Issa Rae said, ‘Don’t always network up. Network across,'” she reflects. “I’m talking about people, like Morgan DeBaun from Blavity or Beatrice Dixon from Honey Pot. These are people who I met through business, but became really great friends with. We get to talk about anything and everything, and it has helped me level up and gain perspective that otherwise I probably wouldn’t have had.”
Butler envisions Bawse Ventures expanding to reach more entrepreneurs. With plans to offer larger grant amounts and establish an equity investment fund, Butler is committed to creating lasting impact and empowering future generations of BIPOC and women entrepreneurs.