I first came across this post on one of my favorite blogs madamenoire and it was about three Georgia Tech graduates who owned a company called Techturized. They’d had a hard time trying to convince investors who were predominantly white and male that the hair industry, specifically black hair, was lucrative enough for them to invest in and back their company.
According to Madame Noire:
As an African-American woman, imagine trying to pitch your black hair company to sea of white male investors. It’s almost like explaining quantum physics to a three-year-old — they just won’t get it! And this is the obstacle that Techturized, owned by three Georgia Tech graduates, had to overcome.
Here is my two cents, I agree, they don’t get it! And it’s sad, because if we change the scenario slightly, and we had three white women who launched a product line, they would completely ‘understand’ the value of the product or business as it relates to ‘white’ hair.
Now don’t get me wrong I know it’s just business and people do not tend to put their hard earned money into something they know nothing about, but this is hair we are talking about.
Most of us are born with it; you have to deal with it on a daily basis, regardless of the color of your skin, your culture or your class. Why then is it such a chore to convince an investor that the black hair industry can be just as lucrative as the white hair industry?
Jess Watson one of the owners of techturized stated:
African-Americans have a strong influence in the hair care market,” “They spend about three-times more on beauty and hair care products on average, but this was hard to prove to investors.
This topic is uncomfortable for me because, quite frankly I do not like lines and categories that just lead to segregation and ultimately hate, but you have to wonder how they would not know that black women would care about their hair too?
I would have assumed that it was common knowledge that black women spend more on their hair than other races but since the studies conducted so far are ‘unofficial’ it would seem that those stats cannot be taken at face value.