tarte cosmetics, a leading beauty brand known for its commitment to giving back and empowering entrepreneurs, announced the Second Annual Shape Your Future™ Small Business Awards. The program will grant $300,000 to Black female entrepreneurs starting in National Black Business Month in August.
For over two decades, tarte’s mission has been rooted in empowering and supporting others. With this announcement, tarte is doubling down on those efforts to directly support the larger entrepreneurial community.
Acknowledging that less than 1 percent of venture-backed capital currently reaches Black-owned businesses,* and only 0.34 percent of total capital spent in the US is directed to Black female startup founders,** tarte recognized the importance of dedicated financial support and growth resources, driving the brand’s commitment to support Black female entrepreneurs now and into the future.
The Shape Your Future™ Awards, a cornerstone of tarte’s commitment to giving back, will empower and create pathways to accelerate the advancement of Black female-owned businesses. The $300,000 in awards will be funded equally, with tarte contributing $150,000 and tarte Founder and CEO Maureen Kelly personally pledging an additional $150,000. Kelly’s own experience building tarte from the ground up fuels her desire to pay it forward.
“I’m grateful to everyone who helped me along the way, and that’s why lifting up other entrepreneurs is so important to me,” says Maureen Kelly, founder and CEO of tarte cosmetics. “Supporting Black small business owners is one way to help shape a more inclusive, equitable and thriving business landscape.”
The program will offer two tiers of funding for applicants, 6 awards of $25,000 and 15 awards of $10,000 each, tailored to the unique needs and sizes of the selected small businesses. Beyond the monetary award, each recipient will receive ongoing, exclusive mentorship with key tarte executives across departments including, finance, legal, supply chain, public relations, social media, and marketing to help grow and scale their businesses.
Taking this commitment one step further, award recipients will be the first to experience a new program with the brand, tarte labs™. This innovative resource and incubation center will provide entrepreneurs, creators and artists access to necessary tools to elevate their enterprises. tarte labs™ will operate out of the brand’s New York City headquarters and offer support including studio and content creation space, media templates, contract and legal document guidance, and more. These initiatives, in addition to hiring DEI agency, Black Beauty Roster (BBR), are part of tarte’s ongoing dedication to diversity, equity, and inclusion.
This program is one of many that tarte has executed over the years, having always put giving back at the forefront of the business. In addition to monetary contributions and millions of in-kind donations through various charitable partners, tarte engages in the community through education initiatives including tartelette U, the brand’s first-of-its-kind college mentorship program and an on-going tradition of clearing teachers’ wishlists through tarte loves teachers.
Applications for the Shape Your Future™ $300,000 Small Business Awards opened August 1st, and details will be released on @tartecosmetics social channels.
* Marlize van Romburgh, Gené Teare. “Funding to Black Startup Founders Quadrupled in Past Year, but Remains Elusive.” Crunchbase News, 17 Aug. 2021, news.crunchbase.com/venture/something-ventured-funding-to-black-startup-founders-quadrupled-in-past-year-but-remains-elusive/.
**Verma, Pranshu, and Hannah Green. “In Massachusetts, Biased Decisions Leave Black Startup Founders with Less Capital – The Boston Globe.” BostonGlobe.Com, 31 Jan. 2022, www.bostonglob…ture-capital/.